CoinFlex pauses withdrawals due to “severe market situations”

Extreme market conditions has become the most frequently used phrase in the crypto-assets ecosystem during the past few months.

Due to the general market downturn, platforms like Celsius, Babel Finance, Voyager Digital, and Finblox have changed how they operate as of the beginning of June.

CoinFLEX, a futures cryptocurrency exchange, halted operations on June 23 as a result. The Exchange's CEO, Mark Lamb, wrote in an announcement blog that was posted by the business:

“Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals. We fully expect to resume withdrawals in a better position as soon as possible. We will fully communicate with you as we find out more.”

The exchange set the 30th of June as the anticipated start date for resumed withdrawal. This was also reiterated by Mark Lamb in a recent interview with Bloomberg.

Curiously, the exchange announced a recovery strategy on June 27 under the title "CoinFLEX's Tokenization Solution to Resume Withdrawals and Normal Operations." This would include the introduction of the Recovery Value USD recovery token (rvUSD).