Crypto Exchange CoinFLEX Cut Staff, Reducing Costs by 50-60%

Troubled cryptocurrency exchange CoinFLEX slashed their team, cutting costs by 50-60%, according to an announcement Friday. 

This announcement comes more than a month after the debt-laden crypto exchange paused withdrawals citing “extreme market volatility.” While initially planning to resume withdrawals shortly after pausing them, that plan was pushed back. Now, users are able to withdraw funds, but only 10% of their account balances. 

Coinflex’s job cuts also come a week after the firm proposed to compensate depositors and correct its financial situation as it aims to recover over $84 million in debt, owed by one large individual customer. 

"We will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX," co-founders Sudhu Arumugam and Mark Lamb said in the blog post. 

The exchange noted that they are currently exploring new offerings that would differentiate them from other exchanges, giving CoinFLEX users more value. They also gave the floor to customers, asking them for their opinions on the matter. They are able to propose new product ideas via email or the Telegram chatroom. 

CoinFlex ended their announcement saying they plan to offer trading of locked balances versus unlocked balances next week. CEO Mark Lamb is hosting a livestream session with crypto influencer Hayden Otto Saturday at 6 a.m. UTC. 

Author: Tyler Irvin

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