CoinFLEX latest crypto exchange on withdrawal freeze

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Categories: Cryptocurrency

The cryptocurrency futures exchange said in a blog post on Friday that Coinflex is halting withdrawals due to extreme market conditions and uncertainty around counterparties. CoinFLEX stressed that the counterparty in question is not Three Arrows Capital Ltd., the crypto hedge fund that is reportedly at risk of bankruptcy.The exchange said that it will stop perpetual and spot trading in its flex coins in the short term. According to the blog post, the withdrawal functionality is anticipated to be back on June 30. CoinFLEX joins a growing list of cryptocurrency service providers to limit or stop withdrawals, including Celsius Network, Babel Finance, and Finbox. CoinFLEX declined to comment on this story.Lachlan is a journalist and producer at Forecast working from Melbourne, Australia. His work can be found in many journals in Australia on topics ranging from culture to science. Lachlan holds a bachelor's degree in journalism from Maclay College, Australia.

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