Crypto exchange CoinFLEX is seeking approval from creditors for its corporate restructuring plan.
Cryptocurrency futures exchange CoinFLEX has filed for restructuring as part of its business improvement plan. After applying to the Seychelles high court, CoinFLEX is now seeking approval from creditors for its restructuring plan in an email yesterday.
The CEO Mark Lamb shared:
”We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”
While Mr. Lamb has a positive outlook on the situation, it is a fact that investors disagree with him – especially those based in countries with strong legal systems and laws that protect consumers.
However, in the event that unpaid debts are not fully recovered by CoinFLEX before October 1, 2023, investors’ positions may be closed by the exchange without recourse, leaving them to fall into a predicament.
It remains to be seen whether the Seychelles authorities will consider this course of action appropriate or push the platform to seek another procedure before the restructuring is approved.
As CoinCu reported, CoinFLEX has suspended withdrawals since June 24 due to harsh market conditions and difficult business partners, despite insisting that it is not affiliated with any lending platform, especially Three Arrows Capital.
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
Author
News
CoinFLEX Files For Restructuring In Seychelles
Crypto exchange CoinFLEX is seeking approval from creditors for its corporate restructuring plan.
Cryptocurrency futures exchange CoinFLEX has filed for restructuring as part of its business improvement plan. After applying to the Seychelles high court, CoinFLEX is now seeking approval from creditors for its restructuring plan in an email yesterday.
The CEO Mark Lamb shared:
”We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”
While Mr. Lamb has a positive outlook on the situation, it is a fact that investors disagree with him – especially those based in countries with strong legal systems and laws that protect consumers.
However, in the event that unpaid debts are not fully recovered by CoinFLEX before October 1, 2023, investors’ positions may be closed by the exchange without recourse, leaving them to fall into a predicament.
It remains to be seen whether the Seychelles authorities will consider this course of action appropriate or push the platform to seek another procedure before the restructuring is approved.
As CoinCu reported, CoinFLEX has suspended withdrawals since June 24 due to harsh market conditions and difficult business partners, despite insisting that it is not affiliated with any lending platform, especially Three Arrows Capital.
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
Other Posts
Related Posts
Latest
Crypto Advisory Council Now A White House Position Attracting Leaders
Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries
Press Release
Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries
Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024
