Cryptocurrency Exchange CoinFLEX Also Suspends Withdrawals | Due to falling prices?

Cryptocurrency exchange CoinFLEX is the latest platform to suspend withdrawals from its users amid the ongoing drop in prices for these digital assets.

Crypto prices today have widened their gap from their all-time high during their peak.

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HONG KONG, CHINA – FEBRUARY 15: Pedestrians walk past an advertisement featuring a Bitcoin cryptocurrency token on February 15, 2022 in Hong Kong, China.

According to a CNBC report, the largest cryptocurrency, Bitcoin, saw its highest price in 2021, at around $69,000. But the current price is now about $20,000. Worse, analysts say it could go even lower than 2022.

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Coinflex Cryptocurrency Exchange Pause Withdrawals

As the crypto hype moves into the winter seasons, crypto exchanges have started to stop withdrawals from their platforms.

According to the latest report from Gizmodo, none other than crypto futures and lending platform CoinFLEX is the latest to do so.

The crypto exchange announced on June 23, much to the surprise of its users, that the platform was suspending all withdrawals.

Gizmodo confirms that CoinFLEX users have no choice but to see their money in the crypto exchange.

According to a recent report from Coindesk, CoinFLEX blames “extreme market conditions”, so it believes it is high time to stop all withdrawals in the crypto service.

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An illustration photo, taken in London on May 8, 2022, shows a gold-plated souvenir cryptocurrency Tether (USDT), Bitcoin and Etherium coins next to a screen with a trading chart.

The platform told its users that “due to the extreme market conditions last week and continued uncertainty about a counterparty, we are announcing today that we are suspending all withdrawals.”

The announcement by none other than CoinFLEX CEO Mark Lamb further expects withdrawals to be back as soon as possible.

In addition to suspending withdrawals, the crypto exchange is also suspending all spot and perps trading features.

The CEO went on to say that he is “confident that this situation can be fully recovered”, allowing users to withdraw their funds.

Also read: Bitcoin Plunge Triggers More FUD In China, Claims Crypto Is ‘Worthless’

Crypto Exchanges Suspend Withdrawals

CoinFLEX’s decision to abruptly stop withdrawals comes shortly after two huge crypto exchanges did the same, including Binance and Celsius.

Gizmodo notes in the same report that another crypto exchange this week also temporarily limited the withdrawal feature.

Coinflex Cryptocurrency Exchange Also Pauses Withdrawals |  Due to falling prices?

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LONDON, ENGLAND – DECEMBER 07: A visual representation of the digital cryptocurrency, Bitcoin on December 7, 2017 in London, England. Cryptocurrencies, including Bitcoin, Ethereum, and Lightcoin, experienced unprecedented growth in 2017, although they remained extremely volatile.

The crypto trading service called Voyager recently introduced a new daily withdrawal limit on June 22.

Voyager users are now limited to $25,000 to $10,000 daily withdrawals, depending on their account limits.

The crypto trading platform has lowered the daily withdrawal limits to roughly have what it offers its users before crypto prices start crashing.

Related article: Crypto Puts Global Payment Systems At Risk? Connecting financial firms to digital currencies now worries regulators

This article is from Tech Times

Written by Teejay Boris

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