CoinFLEX has suspended the withdrawal of funds from the platform

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Cryptocurrency derivatives platform CoinFLEX notified users that it was suspending withdrawals amid “extreme market conditions.”

Originally posted on Twitter aboutthe suspension of withdrawals from the CoinFLEX platform due to “uncertainty regarding the counterparty and extreme market conditions” was confirmed on the official website of the project.

"Due to extreme market conditions,ongoing since last week, and ongoing counterparty uncertainty, we are announcing that we are suspending withdrawals. We hope that full restoration and resumption of function will occur soon. We will update you as new information becomes available,” the statement said.

CoinFLEX has also suspended trading of its ownFLEX Coin token on the spot market and under perpetual swap contracts. The head of the company, Mark Lamb, drew the attention of users that the unnamed counterparty, regarding which there is “uncertainty,” is in no way associated with cryptocurrency lending platforms or hedge funds experiencing liquidity problems.

Lamb said he expects CoinFLEX to restore all platform functionality by the end of June, when it is in a “better position.”

Recently Solend, a cryptocurrency platformlending on the Solana blockchain, introduced lending limits due to fears of a possible liquidity crisis amid the collapse of SOL prices and huge margin requirements on whale accounts.