Cryptocurrency exchange CoinFLEX is partially reopening user withdrawals, raising cautious optimism that the company is slowly recovering from liquidity constraints caused by a high-profile client error.
Starting at 5 a.m. UTC on July 15, all CoinFLEX users will be able to withdraw up to 10% of their funds, the company said. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to make new requests in line with the 10% limit.
The remaining 90% of user balances will be considered “locked funds” or funds that appear on their balance but cannot be withdrawn, traded, or used as collateral. The new guidelines apply to all assets except flexUSD, an interest-bearing stablecoin, which cannot be withdrawn until further notice, the company said.
CoinFLEX halted withdrawals on June 23 after a partner allegedly failed to meet a $47 million margin call. Crypto entrepreneur and Bitcoin Cash (BCH) proponent Roger Ver are rumored to be that partner, though he denies owing the company any money.
Subsequent estimates put CoinFLEX’s shortfall at $84 million — an amount the company hopes to obtain through arbitration in Hong Kong, its registered business jurisdiction.
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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CoinFLEX Reopens Withdrawal, Limited To 10%
Cryptocurrency exchange CoinFLEX is partially reopening user withdrawals, raising cautious optimism that the company is slowly recovering from liquidity constraints caused by a high-profile client error.
Starting at 5 a.m. UTC on July 15, all CoinFLEX users will be able to withdraw up to 10% of their funds, the company said. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to make new requests in line with the 10% limit.
The remaining 90% of user balances will be considered “locked funds” or funds that appear on their balance but cannot be withdrawn, traded, or used as collateral. The new guidelines apply to all assets except flexUSD, an interest-bearing stablecoin, which cannot be withdrawn until further notice, the company said.
CoinFLEX halted withdrawals on June 23 after a partner allegedly failed to meet a $47 million margin call. Crypto entrepreneur and Bitcoin Cash (BCH) proponent Roger Ver are rumored to be that partner, though he denies owing the company any money.
Subsequent estimates put CoinFLEX’s shortfall at $84 million — an amount the company hopes to obtain through arbitration in Hong Kong, its registered business jurisdiction.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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