Emerging Cryptocurrency Exchange CoinFLEX Submits A New Application In Seychelles!

As Bloomberg reported on Tuesday, cryptocurrency exchange CoinFLEX has applied for a restructuring in Seychelles.

Cryptocurrency Exchange CoinFLEX Emails Customers Regarding Restructuring Process

CoinFLEX announced the restructuring process in emails to customers on Tuesday. Bloomberg, “The company gives depositors rvUSD “It will seek approval from depositors and the court for the issuance of the token, equity and locked FLEX Coin.”

Mark Lamb, CEO of CoinFLEX, told Bloomberg:

“We look forward to welcoming a new group of shareholders to CoinFLEX and are pleased to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”

According to a Bloomberg report, the restructuring request was made because the company was trying to “fix a gap that was caused by a counterparty not making a margin call.”

CoinFLEX suspended withdrawals on June 23, citing “extraordinary market conditions and continued uncertainty regarding a counterparty.” A few days later, Lamb accused investor Roger Ver of defaulting on a loan agreement worth $47 million in USDC. However, Ver denied the accusation, saying that he was the debtor.

CoinFLEX has partially resumed withdrawals. The company announced in a blog post on July 14 that it would allow users to withdraw up to 10% of their balance.

The company laid off a significant portion of its team last month in an effort to cut costs by 50-60%.

in May terra after the collapse bitcoin Many crypto companies were on the verge of bankruptcy due to its decline.

*Not investment advice.