Crypto exchange CoinFLEX to restart withdrawals with some conditions

Crypto exchange CoinFLEX is finally back with more details on how users can finally withdraw their assets under certain conditions.
Crypto exchange CoinFLEX is finally back with more details on how users can finally withdraw their assets under certain conditions.

After weeks of withdrawal halt on the platform due to a crypto whale’s account going into negative equity, the crypto exchange CoinFLEX is finally back with more details on how users can finally withdraw their assets under certain conditions.

The latest announcement by the company explains that starting July 15, CoinFLEX will “cancel all current pending withdrawals and return all funds to the respective account balances.”

CoinFLEX shares details on withdrawal conditions

Moreover, as per the new plans, any new smartBCH deposits made by a CoinFLEX user will have 90% of the deposit amount locked. This leaves 10% of it to be used on the platform and withdrawn as BCH. However, the company has still not opened withdrawal permissions of BCH on the smartBCH network (SEP20).

Notably, on June 26, the exchange suddenly seized all the withdrawals on the platform following the massive market crash. Since then, the CEO of the company has been continuously accusing Riger Verof of defaulting on his debt worth around $50 million. However, Ver has clearly dismissed these claims. After the incident, CoinFLEX issued another update earlier in July, saying that it would take legal actions in order to recover the missing funds.

CoinFLEX is not the only company that has suffered from the ongoing bearish trend. Last month has been seriously tough for crypto companies, particularly crypto lenders, due to a major liquidity crisis. As TheCoinRise reported, major crypto lending platform Celsius Network suspended withdrawals on June 12.

Recently, the lending platform Coinloan also announced some changes in its withdrawal limits “to balance the flows of funds and prevent liquidity-related interruptions.”

The company informed customers in the July 14 post that CoinFLEX is “continuing to work on all avenues to resolve this situation.” This includes seeking out additional equity investors and possibly taking the sale of the exchange into consideration.