CoinFLEX Update: July 15, 2022

Dear CoinFLEX Community, 

 

We have resumed suspended operations and are now back online for both trading and withdrawals. You may log in to your CoinFLEX account to process limited withdrawals and flexUSD redemptions. Please see below and refer to our FAQ for more detailed information.   

 

• All user subaccount balances have been transferred and consolidated into each user’s main account
• Open FLEX Perp positions have been moved to main accounts
• Other positions were closed using the mark price at time of settlement
• 90% of total balances have been locked
• flexUSD redemptions are now re-enabled, allowing flexUSD holders to redeem 10% from their total balance into USDC
• FLEX Coin is available for trading in spot orderbooks 
• FLEX Coin Perp positions will be closed at 5pm UTC (1p EDT), settling with a TWAP average price from 4pm-5pm UTC (12p-1p EDT). 

 

Reminders:

 

• All pending withdrawals have been cancelled and must be re-submitted.
• 10% of user balances are available for withdrawal with the exception of flexUSD, which cannot be withdrawn until further notice. The remaining 90% of your balance will be considered locked funds. Locked funds will appear in your balance, but they will not be available for withdrawals, trades, nor be counted as collateral on CoinFLEX. 
• Any new SmartBCH BCH deposits on CoinFLEX will have 90% of the deposit amount locked, leaving 10% available for use on the platform and withdrawal as BCH.
• Any new flexUSD deposits on CoinFLEX will have 90% of the deposit amount locked, leaving 10% available for use on the platform and redemption.

 

Please also remember to read our updated Terms of Service. You will need to agree to the new terms to continue accessing your CoinFLEX account via desktop site, mobile app or API.

Below are the list of changes:

 

1.4.1: “Account” means any and all accounts, including sub-accounts, following the online registration you have with us, which are created when you (i) register on the Platform; and (ii) complete KYC to enable Stablecoin deposits/withdrawals;

 

9.12: If balances in your sub-Account reach a negative balance then the Platform will have the right to merge such sub-Account with your main Account.

10.2: If, after a Close Out, any part of the relevant Leverage Funding is not fully repaid, you remain liable to us for that amount. We reserve the right during this time to impose a Clawback in respect of some or all Users including against balances on all your Accounts on the Platform.

 

14.3: In rare situations the Platform will have the right to convert any open spot positions of Users to a “dollarized” USDC position. Such actions will only be taken after providing Users with at least 24hrs of notice.”

 

CoinFLEX