Crypto Exchange CoinFlex to Permit Limited Withdrawals

CoinFlex will allow users to take out a fixed portion of their balances after halting withdrawals last month as Roger Ver aka Bitcoin Jesus fails to make a margin call.

coinflex-limited-withdrawls

The crypto exchange stated it will cancel pending withdrawals at 1am ET on July 15 and then close down trading on the platform. After the shutdown, users will be able to withdraw up to 10% of their balances, while the rest will be blocked.

The crypto exchange mentioned that they will shut trading and system access before initiating the process of re-enabling withdrawals, and they expect this to last a few hours and will inform users after they are back online for both trading and withdrawals.

CoinFlex vs Roger Ver aka Bitcoin Jesus

CoinFlex communicated that they froze withdrawals after a counterparty, which it has recognized as crypto investor Roger Ver, failed to pay $47 million in a margin call. The exchange conveyed that it has taken legal action to recover its losses and is in talks to sign a joint venture with another crypto exchange in a bid to revitalize its fortunes. In the most recent update, CoinFlex stated that it was still working with “the significant creditor group.” Ver has denied he defaulted on the obligation owed to CoinFlex. 

Must read, CoinFlex seeks legal Route to Recover $84 Million From Bitcoin Jesus

In their post, CoinFlex noted that they are continuing to work on all avenues to settle this situation. This ranges from possible further withdrawals and potential new equity investors to the investment of CoinFLEX and combinations in between. The company remarked that the next update would be released on 22 July.

CoinFlex is one of several crypto platforms struggling to function amid a major market downturn that’s wiped about $2 trillion off the total value of cryptocurrencies, with several players halting withdrawals or filing for bankruptcy.


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