Today in Crypto: CoinFLEX Halts Some Withdrawals

Peter Kerstens, a policy advisor to the European Union, has said that the crypto market’s woes could be seen as a deterrent or evidence of a giant Ponzi scheme, CoinDesk reported Thursday (June 23).

Speaking at Brussels Blockchain Week, however, Kerstens said he sees it differently, feeling “very, very optimistic about blockchain, crypto and Web3” and generally optimistic about new technology.

Meanwhile, multi-asset digital trading platform Uphold will pull its business out of Venezuela, citing “the increasing complexity of complying with US sanctions.”

“Venezuela was one of the early adopters of Uphold and we love serving our customers there,” the company recently wrote in a support update. “We are taking this step very reluctantly.”

Uphold also advised affected users to withdraw their funds “as soon as possible,” saying trading ability will stop on July 31 and all accounts will be fully restricted by September 30.

Additionally, Louisiana Governor John Bel Edwards signed a bill into law allowing financial institutions in the state to custody customers’ digital assets.

The bill, Law No. 509, says that a financial institution can provide clients with virtual currency custody services if the institution has the protocols in place to manage the risks and comply with the necessary laws.

In other news, CoinDesk reported that the Brussels crypto community is looking to amplify the voice of its new ecosystem, particularly with upcoming EU dealer licensing laws.

Brussels has a small Web3 community that is currently trying to make its voice more heard, as other capitals like Paris have done before. This comes as Brussels Blockchain Week kicked off last Monday and saw numerous votes not to let the current bear market dampen optimism for the sector.

Additionally, Solana Mobile announced Thursday that it has introduced the Solana Mobile Stack, a set of open source software tools for building Android apps.

This will allow native Android Web3 apps to be built on the Seed Vault safekeeping protocol, which will help keep private keys separate from wallets, apps, and the Android OS.

Anatoly Yakovenko, co-founder of Solana, said this would help developers who haven’t been able to build truly decentralized apps. He said the existing model for gatekeepers “doesn’t work” as there hasn’t been a mobile-centric approach to private keys.

Finally, CoinFLEX said in a company blog post that it is pausing withdrawals due to “extreme market conditions,” just like other platforms have done lately.

The company said it will also stop all FLEX Coin trading in perps and short-term spot.

With many crypto platforms pausing withdrawals, PYMNTS wrote that other moves are happening, such as Binance.US announcing no-fee trades in bitcoin.

See also: Well Funded Crypto Survivors Smell Blood in the Water

CEO Brian Shroder said this was “something we want to do because we can.”

While that was going on, Coinbase, Binance’s biggest competitor, saw its lagging shares drop another 10%.



On: PYMNTS’ survey of 2,094 consumers for The Personalized Shopping Experience report, a collaboration with Elastic Path, shows where merchants are doing well and where they need to up their game to deliver a personalized shopping experience.

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