CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday.
See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto
Fast facts
- CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund that is reportedly at risk of insolvency.
- The exchange said it will halt perpetuals and spot trading in its FLEX Coin in the short term.
- Withdrawal functionality is estimated to return on June 30, according to the blog post.
- CoinFLEX joins a growing list of cryptocurrency service providers that includes Celsius Network, Babel Finance and Finbox to limit or halt withdrawals.
- CoinFLEX declined to comment for this story.
See related article: Crypto self-custody is no longer a choice. It’s an imperative.
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