Crypto Exchanges Nuri & Coinflex

Crypto Exchange News: Nuri & Coinflex Face Wrath Of Crypto Winter

Crypto Exchange News: The crypto winter has continued to affect the crypto exchange platforms negatively. The latest crypto exchange news suggests that renowned crypto trading platforms like Nuri and Coinflex have been the recent movers on the list of exchanges that either went bankrupt or ceased operating or saw major changes in operations.

Latest Crypto Exchange News Overview

A leading crypto exchange in Germany, Nuri, recently announced that it had filed for insolvency with a court in Berlin. The company said that:

“We would like to inform you about an important development that does not affect our services, funds, or investments with Nuri. Nevertheless, it is of great importance to us to provide this update to you straight away: Due to the current challenging market developments and subsequent effects on financial markets on Nuri’s business development, we have filed for insolvency on Tuesday 9. August 2022. This step became necessary to ensure the safest path forward for all our customers.”

Therefore, the exchange noted that the customer investments are safe with it and this act of filing for insolvency should not affect its investors. Nuri also highlighted that its customers will have “guaranteed access” to all deposits and withdrawals made on the platform. The crypto exchange said that like several other industry participants (Celsius and Three Arrows Capital), it also saw a downfall due to the Terra (LUNA) crypto crash.

On the other hand, CoinFlex, another crypto trading platform, has been known to file for restructuring in court based in Seychelles. The company has sent an official notice regarding the same to its customers as emails. The Chief Executive Officer of CoinFlex, Mark Lamb, noted that:

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

Coinflex mentioned that the filing was in response to resolving a shortfall as a third-party investor had failed to make a margin call. The exchange had earlier frozen withdrawals in late June due to similar concerns. 

Since the crypto winter is not coming to an end, one can definitely expect such negative crypto exchange news updates. In addition, it is estimated that the crypto crash today has been induced due to such updates. However, we hope that the situation might change soon and things in the domain get better.

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