CoinFLEX Exchange Cancels The Plan To Open Withdrawals For Users

Withdrawals from the CoinFLEX exchange will remain suspended as the company continues to hold discussions with investors about the newly launched debt token.

According to the latest announcement sent to the community on June 30, crypto exchange CoinFLEX has said that it will not be carrying out plans to reopen the withdrawal function for customers as originally planned, after being blocked and suspended last week.

Instead, customer funds deposited on the exchange will still be frozen as the exchange continues to provide solutions to the problem related to a large debt of $47 million a whale, which has been announced by the exchange converted into rvUSD debt tokens and sold to interested investors.

CEO Mark Lamb confirmed that CoinFLEX will announce how to properly resolve withdrawals after the rvUSD token sale event is done.

“We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.”

The initial suspension notice is only estimated that withdrawals will resume on June 30. The company previously announced plans to raise funds as a measure for the liquidity crunch by issuing a new token rvUSD, which promises annual returns of up to 20%.

CoinFLEX said it hopes to raise $47 million by selling rvUSD so that it can relieve some of the pressure on the exchange. Fundraising at that time is expected to be completed by July 1. If the worst happens, CoinFLEX will become the first exchange to default on the “list” of FTX CEO Sam Bankman-Fried.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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