Cryptocurrency exchange CoinFLEX has appealed to the judicial authorities of Seychelles. The company asks authorization to restructure its business, as the company has operational difficulties due to the fault of one of their business partners. Such data was published by Bloomberg.

The publication writes that the company has already sent messages about its intention to restructure the business to its clients. This is mandatory for the company to obtain approval from depositors. In return, depositors will receive rvUSD, equity securities and frozen FLEX coins as part of the restructuring.

CEO, Mark Lamb said that he expects a new wave of shareholders of the crypto exchange and is happy to be in a jurisdiction where the issue raised can be resolved as quickly as possible.

CoinFLEX had previously blocked the withdrawal of digital currencies. This happened in June after Roger Ver failed to fulfil his obligations to the stock exchange. At the same time, he completely rejects any claims from the company.

The crypto exchange has already sued Vera. The company claims that it owes it 84 million USD. The claim will be held in Hong Kong and the trial is expected to last about one year.

Since then, the crypto exchange has already authorized users to withdraw a limited amount of digital coins. The company has also reduced about 60% of its employees. Lamb claims that the company is going to raise limits on the withdrawal of digital coins as the restructuring process progresses.

Today, users can sell blocked crypto assets for USDC, with the exception of FLEX and FlexUSD. The funds received are prohibited from withdrawing or using them to secure loans.

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