CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday.

See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

Fast facts

  • CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund that is reportedly at risk of insolvency.
  • The exchange said it will halt perpetuals and spot trading in its FLEX Coin in the short term.
  • Withdrawal functionality is estimated to return on June 30, according to the blog post.
  • CoinFLEX joins a growing list of cryptocurrency service providers that includes Celsius Network, Babel Finance and Finbox to limit or halt withdrawals.
  • CoinFLEX declined to comment for this story. 

See related article: Crypto self-custody is no longer a choice. It’s an imperative. 

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