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CoinFLEX crypto exchange suspends withdrawals

CoinFLEX crypto exchange suspends withdrawals

The platform cited extreme market conditions and uncertainties with the counterparty as reasons behind the asset freeze. The approximate date of the withdrawal function reactivation is June 30.

As the company reports, the exchange will halt spot trading and perpetual futures contracts with the FLEX Coin exchange token in the near future.

A possible date for the company to reactivate the withdrawal of funds is June 30. CoinFLEX warned that this is a rough estimate based on a current situation interpretation.

CoinFLEX, a cryptocurrency exchange registered in Seychelles, was founded in 2019. CoinMarketCap reports that the platform's daily trading volume as of the morning of June 24 was $1.6 billion. The cryptocurrency exchange FLEX is trading around $4.3, showing a daily decline of 3.5%.

Previously, on June 17, Hong Kong-based cryptocurrency lender Babel Finance announced a temporary suspension of payments and withdrawals related to Babel products. The company claims an unusual liquidity crisis as the reason for such a decision. Meanwhile, on June 13, Celsius Network suspended all withdrawals, swaps, and transfers between accounts. The company cited "extreme market conditions" as the cause for halting transactions.

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