CoinFLEX said Thursday it will pause all withdrawals from the platform. Here’s what you need to know.
The Latest Withdrawal Freeze: CoinFLEX is a crypto yield platform and futures exchange. The platform serves as a cryptocurrency wallet, an adaptive investment portfolio providing users passive earnings and as an exchange for margin and spot trading.
CoinFLEX attributed the pause in withdrawals to the severe market conditions and uncertainty associated with a counterparty.
“We fully expect to resume withdrawals in a better position as soon as possible,” the statement said.
CoinFLEX said it expects to issue an update on the matter June 27 and gave an estimated timeline for withdrawals to resume June 30.
The exchange further went forward to state the counterparty issue does not pertain to Three Arrows Capital.
The Cryptocurrency Landscape: The past month has seen an extreme plunge in the cryptocurrency markets. Bitcoin’s BTC/USD price is down to $20,500 from its all-time high of over $68,000. The falling price of Bitcoin has caused numerous major exchanges and protocols to experience margin calls and liquidation of major positions.
CoinFLEX’s announcement of halting withdrawals comes shortly after the Celsius CEL/USD Network and other exchanges announced similar moves.