Cryptocurrency derivatives platform CoinFLEX has notified users of a suspension of withdrawals due to “extreme market conditions”.
The information that originally appeared on Twitter about the suspension of withdrawals from the CoinFLEX platform due to “uncertainty regarding the counterparty and extreme market conditions” was confirmed on the official website of the project.
“Due to extreme market conditions since last week and ongoing counterparty-related uncertainty, we are announcing that we are suspending withdrawals. We hope that a full restoration and resumption of the function will happen soon. We will update you as new information becomes available,” the statement said.
CoinFLEX has also suspended trading of its own FLEX Coin token in the spot market and under perpetual swap contracts. The head of the company Mark Lamb (Mark Lamb) drew the attention of users that the unnamed counterparty, in relation to which there is “uncertainty”, is in no way associated with cryptocurrency lending platforms or hedge funds experiencing liquidity problems.
According to Lamb, he expects CoinFLEX to restore all platform functions before the end of June, when he is “in a better position.”
Recently, Solend, the cryptocurrency lending platform on the Solana blockchain, introduced lending limits due to fears of a possible liquidity crisis amid the collapse in SOL prices and huge margin requirements on whale accounts.
Source: Bits
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