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CoinFLEX follows Celsius in suspending withdrawals

CoinFLEX follows Celsius in suspending withdrawals

key takeaways

  • Cryptocurrency exchange CoinFLEX has suspended customer withdrawals due to harsh market conditions.
  • CoinFLEX is at least the third company to limit services this month, after Celsius and Babel took similar action.
  • The exchange is moderately large, but its decision does not affect the crypto market.

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Crypto exchange CoinFLEX has halted withdrawals, adding to a growing list of crypto firms limiting their services.

CoinFLEX suspends withdrawals

In a statement today, Coinflex cited “extreme market conditions last week” [and] It continued to include a counterparty as its reason for stopping all withdrawals.

CoinFLEX said the counterparty in question is not 3 Arrow Capital or any other lending firm. 3 Arrow Capital is a crypto hedge fund that is facing bankruptcy rumors, a possibility that could affect many other crypto companies.

In addition to halting withdrawals, CoinFlex also said that it will suspend trading of its native token, Flex Coin (Flex). This applies to both perpetual and spot trading.

The company said that it will provide an update on June 27. It aims to resume withdrawals by June 30.

Celsius started the trend

CoinFLEX is at least the third crypto company this month to stop withdrawals. Celsius started the trend by suspending withdrawals on 13 June. Babel Finance followed suit on June 17.

Additionally, Bancor halted an investor protection program called temporary loss protection due to adverse market conditions. It did not suspend the evacuation, unlike the others.

CoinFLEX is a moderately large exchange. It handled trading volume of $500 million to $1.5 billion in the last 24 hours.

That said, the exchange doesn’t seem popular enough to influence investor sentiment or the market. The price of bitcoin is up 3.4% in the last 24 hours despite CoinFLEX’s decision.

Nevertheless, the fact that Coinflex has decided to discontinue the services may influence other companies to follow suit.

Disclosure: At the time of writing, the author of this article owns BTC, ETH and other cryptocurrencies.

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