Cryptocurrency exchange CoinFLEX is the latest platform to suspend withdrawals from its users amid the continued decline in prices for these digital assets.
The price of cryptos these days widened their gap from their all-time highs during their peak numbers.
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HONG KONG, CHINA – FEBRUARY 15: Pedestrians walk past an advertisement conveying 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, hovering near $69,000. But its current price is now around $20,000. Worse still, analysts say it could go even lower than 2022.
Coinflex Cryptocurrency Exchange Pause Withdrawals
As the crypto hype faces its winter seasons, crypto exchanges have started to halt withdrawals from their platforms.
According to the latest report from Gizmodo, the latest to do so is none other than the crypto futures and lending platform, CoinFLEX.
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 watch their money sit inside the crypto exchange.
According to a recent report from Coindesk, CoinFLEX blames “extreme market conditions”, so it seems high time to stop all withdrawals in the crypto service.
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An illustrative photo price in London on May 8, 2022 shows a plated souvenir cryptocurrency or Tether (USDT), Bitcoin and Etherium coins laid out next to a screen with a trading graph.
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 by no less than CoinFLEX CEO Mark Lamb further expects withdrawals to be back as soon as possible.
In addition to suspending withdrawals, the crypto exchange suspends all spot and perps trading functions.
The CEO went on to say that he is “confident that this situation can be fully repaired”, allowing users to withdraw their money again.
Read also : Bitcoin Plunge triggers more FUD in China, claims crypto is ‘worthless’
Crypto Exchanges Suspend Withdrawals
CoinFLEX’s decision to abruptly halt withdrawals comes shortly after two massive crypto exchanges did the same, including Binance and Celsius.
Gizmodo notes in the same report that another crypto exchange also temporarily limited its withdrawal feature 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 saw unprecedented growth in 2017, although they remained extremely volatile.
The crypto trading service that goes by the name Voyager introduced a new daily withdrawal limit recently or June 22.
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 daily withdrawal limits to have roughly what it offers its users before the price of crypto starts crashing.
Related article: Crypto meets global payment systems in danger? Connecting financial firms to digital coins now worries regulators
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Written by Teejay Boris
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