Crypto Exchange CoinFlex Files for Restructuring in Seychelles

Cryptocurrency exchange CoinFlex said it has filed for restructuring in a Seychelles court, as it seeks to resolve a shortfall due to a counterparty failing to make a margin call.

The company sent out a notice on its restructuring process in emails to customers on Tuesday. It will seek approval from depositors and court on a proposalto issue depositors with rvUSD tokens, equity, and locked FLEX Coin.

“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 ...