This Bitcoin Exchange Suspends Transactions!

Bitcoin and altcoin exchange CoinFLEX has suspended customers’ withdrawals due to challenging market conditions. CoinFLEX has become the third crypto company to limit services this month after Celsius and Babel took similar actions. The exchange is moderately large, but its decision does not seem to have affected the crypto market. Here are the details…

Another Bitcoin and altcoin platform suspended operations

Crypto exchange CoinFLEX has paused withdrawals, joining the list of crypto firms that are limiting their services. In a statement today, CoinFLEX cited “extreme market conditions over the past week” as the reason for pausing all withdrawals. It also showed the “continuation of uncertainty involving an opposing party”. CoinFLEX added that the counterparty in question is not Three Arrows Capital or any other lending firm.

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Three Arrows Capital is a crypto hedge fund that is facing rumors of bankruptcy, a possibility that could affect several other crypto companies. In addition to stopping withdrawals, CoinFLEX said it will also suspend trading of its native token, FLEX Coin (FLEX). This applies to both permanent and spot trading. The company said it will provide an update on June 27. It aims to continue withdrawals until June 30.

Celsius started the suspension trend

CoinFLEX has become the third crypto company to stop withdrawals this month. Celsius, as we reported on AmkNews, started the trend by suspending withdrawals on June 13. Babel Finance did the same on June 17. Additionally, Bancor has paused an investor protection program called Temporary Loss Protection due to hostile market conditions. Unlike others, it did not suspend withdrawals.

CoinFLEX is a medium-sized exchange. There has been a transaction volume between 500 million and 1.5 billion dollars in the last 24 hours. However, the stock market does not seem popular enough to affect investor sentiment or the market. Despite CoinFLEX’s decision, Bitcoin price has increased by 3.4 percent in the last 24 hours. However, Coinflex’s decision to shut down services may influence other companies to follow suit. CoinFLEX Telegram members have already been reporting issues with withdrawals for the past few days.

“99.X% of my money is currently in CoinFLEX,” CoinFlex CEO Mark Lamb told the firm’s Telegram channel on Thursday. “None of them retreated.” he added. The situation highlights ongoing concerns about liquidity as the selloff in the crypto markets continues and companies in the industry begin to feel the pressure.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.