Cryptocurrency exchange CoinFLEX is the latest platform to suspend payments from its users amid the continuing decline in the prices of these digital assets.
Cryptocurrencies these days extended their distance from their record highs below their peak.
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HONG KONG, CHINA – FEBRUARY 15: Pedestrians walk past an ad showing 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 and hovered close to $ 69,000. But its current price is now around $ 20,000. Even worse, analysts say it could go even lower than 2022.
Coinflex Cryptocurrency Exchange Pause Payments
As the crypto hype faces its winter seasons, crypto exchanges have begun to halt withdrawals from their platforms.
According to the latest report from Gizmodo, the latest to do so is none other than cryptocurrencies and the lending platform CoinFLEX.
The cryptocurrency 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 watch their money sit inside the crypto exchange.
According to a recent report from Coindesk, CoinFLEX blames “extreme market conditions”, so it finds that it is high time to stop all payments 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 laid out next to a screen showing a trading chart.
The platform told its users that “due to extreme market conditions last week and continued uncertainty regarding a counterparty, we are announcing today that we are suspending all withdrawals.”
The announcement from no less than CoinFLEX CEO Mark Lamb further expects withdrawals to return as soon as possible.
In addition to suspending payouts, the crypto exchange also suspends all spot and perps trading features.
The CEO went on to say that he is “confident that this situation can be fully repaired”, allowing users to withdraw their money again.
Also read: Bitcoin Plunge triggers more R&D in China, claims crypto is ‘worthless’
Cryptocurrencies suspend payouts
CoinFLEX’s decision to halt payouts abruptly comes shortly after two massive crypto exchanges did the same, including Binance and Celsius.
Gizmodo notes in the same report that another cryptocurrency exchange also temporarily restricted its withdrawal function this week.
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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, which goes by the name Voyager, introduced a new daily withdrawal limit recently or June 22nd.
Voyager users are now limited to daily withdrawals of $ 25,000 to $ 10,000, depending on their account limits.
The crypto-trading platform has reduced the daily withdrawal limits to have roughly what it offers its users before the crypto prices start to crash.
Related article: Crypto endangers global payment systems? Connecting financial companies with digital coins now worries regulators
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Written by Teejay Boris
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