discontinued operations cryptocurrency stock market CoinFLEX announced today that the restructuring plan has been approved by the Seychelles courts.
Seychelles Court Approves Cryptocurrency Exchange CoinFLEX Restructuring Plan
A Seychelles court has approved the restructuring plan submitted by Hong Kong-based crypto derivatives exchange CoinFLEX, the company said in a statement today.
We are pleased to announce the successful approval of CoinFLEX’s restructuring by the Seychelles Courts.
Please read our full announcement here (https://t.co/VWHEYWwLey) and stay tuned for more information coming later this week.
— CoinFLEX (@CoinFLEXdotcom) March 7, 2023
“We are pleased to confirm that the restructuring of CoinFLEX has been approved by the Seychelles courts,” the exchange said.
CoinFLEX did not elaborate on the next steps, saying that the court’s written order is expected to be published this week and will be shared soon thereafter.
According to the company’s statement, trading of assets locked on the exchange, including LETH and LUSD, will remain closed until the exchange issues a written court decision.
CoinFLEX had stopped withdrawals from its platform at the end of June 2022, citing extraordinary market conditions and continued counterparty uncertainty.
All futures and spot trading for the company’s native token FLEX are also put on hold.
In August 2022, CoinFLEX started the restructuring process in Seychelles and sought approval from depositors and court for its proposed plan to issue depositors rvUSD tokens, equity and a locked version of the platform’s native token FLEX coin.
In its restructuring plan, the crypto exchange proposed that creditors own 65% of the exchange. He also noted that Series A investors would lose their equity stake.
Also, last month CoinFLEX is the popular crypto company. Blockchain.com He claimed he owed him over $4.3 million in FLEX tokens. Blockchain.com described this claim as “completely false”.
*Not investment advice.
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