CoinFlex is temporarily halting withdrawals because of ongoing uncertainty in its business. The company’s chief executive explained that the situation is unrelated to Three Arrows Capital, which owns a majority stake in the exchange. The bitcoin aussie system is also hoping to return to a better position by the time withdrawals resume. CoinFLEX is not the only exchange experiencing these problems. The exchange operates as a cryptocurrency wallet, adaptive investment portfolio, and futures exchange.
Listed below are the highlights of the company’s plan. If you’re interested in making the same move, consider investing in these new tokens.
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CoinFlex is halting withdrawals
Despite a recent surge in volatility, CoinFLEX has temporarily suspended withdrawals. The exchange says that the unnamed counterparty is not related to the crypto hedge fund Three Arrows Capital Ltd., which has been reportedly in trouble. However, withdrawals will resume on June 30. In the meantime, users should continue trading and depositing if they wish to use CoinFLEX. However, withdrawals will not be available until the company receives funds from rvUSD issuance.
Withdrawals are halted while the exchange issues new recovery value USD tokens to compensate for its losses. While withdrawals will be suspended while CoinFLEX assesses its situation, investors should not worry about losing money. To ensure your money is safe use bitcoin trading software because it is trusted software to trade in cryptocurrency. The exchange will issue $47 million in new recovery value USD tokens and hopes to resume withdrawals from June 30. Withdrawals will resume on June 30. Only non-US resident sophisticated investors will be able to purchase CoinFLEX tokens. CoinFLEX is also considering a new third-party auditing firm to verify the status of its assets.
Coinflex halting trading of its native cryptocurrency
After a brief period of market turmoil, CoinFlex has decided to temporarily suspend its withdrawals and trading of its native cryptocurrency, FLEX Coin. The crypto exchange is scheduled to resume trading on June 30. It has not revealed the cause for the suspension, but the rumor is that it cannot make payments. The reason for this is unknown, but it may have something to do with the insolvency of its lender, Three Arrows Capital. The rumor is that CoinFlex cannot make payments to its customers and has liquidated its long positions.
The reason for the suspension is unclear, but it could significantly impact Bitcoin. Several cryptocurrency exchanges have suspended or curbed trading of their native cryptocurrencies, and some have even frozen the withdrawals of their users. While this is not a new practice for exchanges, it does signal that the market is not stable. Many traders speculate that CoinFlex is a good place to invest, as it offers a range of trading options.
The halting of withdrawals at CoinFLEX results from problems with the exchange’s counterparty and is a sign that the firm is experiencing a liquidity crisis. The cryptocurrency has been down by over $68,000 from it’s all-time high of over $68,000, which has slowed down other exchanges’ trading. Furthermore, 3 Arrows, a demised crypto hedge fund, owns a substantial portion of Voyager Capital, and the move has left the exchange at risk.
The new exchange, CoinFlex, will be the first to openly list futures positions, making them more transparent and liquid than ever. In addition to listing the notional (USD) value of each account’s futures positions, the exchange will attest to them hourly. Traders can view the collateral and other assets used to back their positions.
As a result, CoinFLEX has temporarily halted withdrawals and trading of the FLEX token. While the company is confident it will rectify the situation soon, users should not rely on it. After all, their funds are at risk, and the exchange will lose them when withdrawals resume. Therefore, it’s important to read the fine print and decide whether CoinFLEX is right for you before investing your hard-earned money.
CoinFLEX will issue its token that offers a 20% annual percentage rate on daily transactions. Withdrawals will be available again by June 30, as long as the new token issue is successful. During this time, the exchange hopes to raise $47 million in new funding. It’s also planning to use an external auditing firm to ensure transparency.
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