After pausing withdrawals last month, CoinFLEX has today announced the resumption of withdrawals. CoinFLEX announced it will allow restricted withdrawals for all its individuals today as it remains to service its healing strategies.
Beginning at 5 am UTC (1 pm HKT/SGT) on Friday, July 15, CoinFLEX will certainly cancel all present pending withdrawals and also return all the funds to their particular account equilibrium.
The system will certainly then close down for a couple of hrs to begin the procedure of re-enabling withdrawals and trading. Non-FLEX Perp settings CoinFLEX suggests users close all existing non-FLEX Perp settings by the end of the week.
According to CoinFLEX, much of its individuals have accounts with open Perp placements that need liquidation when the FLEX Perp mark cost is upgraded. As well as a section of these accounts would go to the negative equity.
To secure lenders on the CoinFLEX platform, balances and positions in all the subaccounts will certainly be merged with their respective primary accounts.
Withdrawing BCH
After the resumption, 90% of any kind of new smartBCH down payments on CoinFLEX will certainly be secured leaving 10% for trading and also withdrawal as BCH.
Withdrawals of BCH on smartBCH network will certainly continue until more notification.
FlexUSD balances
All existing flexUSD equilibriums on CoinFLEX will certainly be locked.
90% of any new flexUSD down payments moved from a chilly purse leaving just 10% available for redeeming.
And also given that all futures contracts need to be closed, flexUSD will certainly not hold short perp settings meaning owners will certainly not be earning interests in the meantime.
New flexUSD minting has also been suspended till more notice.
FLEX coin withdrawals
Existing FLEX coins will certainly likewise be locked like other assets. Any type of new FLEX coins acquired on CoinFLEX will nonetheless be totally readily available for withdrawals.
CoinFLEX likewise noted that they are continuing to work on resolving their present circumstance that might lead to allowing more withdrawals. It is also trying to find possible new investors or acquisitions or a mix of both as it tries to resolve the situation.
