CoinFLEX Now Allows Customers to Withdraw 10% of Their Account Balance

CoinFLEX has issued an update notice that as of 5:00 UTC on July 15th, CoinFLEX will cancel all current pending withdrawals and return all funds to the respective account balances. Thereafter, CoinFLEX will shut trading and system access before beginning the process of re-enabling withdrawals described below. Any new smartBCH deposits on CoinFLEX will have 90% of the deposit amount locked, leaving 10% available for use on the platform and withdrawal as BCH. The existing flexUSD balances on the platform will be locked the same as other assets. Any new flexUSD deposits on CoinFLEX will see 90% of the deposit amount locked. flexUSD will only be redeemable on platform and so in order to benefit from being able to redeem 10% of the assets. The existing FLEX Coin on the platform will be locked the same as other assets. FLEX Coin will no longer count as collateral (LTV of 0%). flexUSD balances held by CoinFLEX.US users will be subject to a 90% lock. Previously, CoinFLEX announced suspension of withdrawals on June 24th, and disclosed losses rising to $84 million on July 10.