Cryptocurrency exchange CoinFLEX is the latest platform to pause withdrawals from its users amid the ongoing downturn in the prices of these digital assets.
The prices of cryptos these days have widened their gap from their all-time-high figures during their peak.
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HONG KONG, CHINA – FEBRUARY 15: Pedestrians walk past an advertisement displaying a Bitcoin cryptocurrency token on February 15, 2022 in Hong Kong, China.
As per a news story by CNBC, the largest cryptocurrency, Bitcoin, saw its highest price last 2021, hovering at nearly $69,000. But its current price is now roughly $20,000. What’s worse, analysts are saying that it could go even lower than that for 2022.
Cryptocurrency Exchange Coinflex Pause Withdrawals
As the crypto hype faces its winter seasons, crypto exchanges have begun halting withdrawals from their platforms.
The latest to do so is none other than the crypto futures and lending platform, CoinFLEX, according to the latest report by Gizmodo.
The crypto exchange announced on June 23, much to the surprise of its users that the platform is pausing all withdrawals.
Gizmodo confirms that the users of CoinFLEX are left with no choice but to watch their money lying inside the crypto exchange.
According to a recent report by Coindesk, CoinFLEX blames the “extreme market conditions,” thus, it finds it high time to halt all withdrawals in the crypto service.
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An illustration picture taken in London on May 8, 2022, shows gold plated souvenir cryptocurrency Tether (USDT), Bitcoin and Etherium coins arranged beside a screen displaying a trading chart.
The platform told its users that “Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals.”
The announcement from no less than the CoinFLEX CEO, Mark Lamb, further expects that the withdrawals will be back as soon as possible.
On top of pausing withdrawals, the crypto exchange also suspends all trading functions in spot and perps.
The CEO went on to say that he is “confident that this situation can be repaired fully,” allowing users to withdraw their money once again.
Read Also: Bitcoin Plunge Triggers More FUD in China, Claims Crypto is ‘Worthless’
Crypto Exchanges Pause Withdrawals
The decision of CoinFLEX to abruptly suspend withdrawals shortly comes after two massive crypto exchanges have done the same, including Binance and Celsius.
Gizmodo notes in the same report that another crypto exchange has also temporarily limited its withdrawals function this week.
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LONDON, ENGLAND – DECEMBER 07: A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile.
The crypto trading service that goes by the name Voyager introduced a new daily withdrawal limit lately or on June 22.
Users of Voyager are now limited to daily withdrawals of $25,000 to $10,000, depending on the limits of their accounts.
The crypto trading platform cut the daily withdrawal limits to roughly have of what it offers its users before the prices of crypto started crashing.
Related Article: Crypto Puts Global Payment Systems at Risk? Financial Firms Connection With Digital Coins Now Worries Regulators
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Written by Teejay Boris
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