CoinFLEX is a cryptocurrency futures exchange, that has filed for Seychelles to be restructured. This is a section of the plan CoinFLEX has, to improve its financial situation. By applying to the Supreme Court of Seychelles, CoinFLEX is seeking approval from creditors for their plans for restructuring. The application to the Supreme Court was for reorganizing as well as restructuring CoinFLEX.
CoinFLEX is a cryptocurrency derivatives exchange. They are looking for a fast resolution to their legal troubles by filing for restructuring at the Seychelles Court.
CoinFLEX Files For Restructuring
The crypto exchange CoinFLEX intends to raise around $84 million in order to pay off all debts. To this end, they are seeking approval for their depositors as well as the Court. CoinFLEX has proposed a plan where depositors will be issued with tokens, the rvUSD tokens. They will also be issued equity, as well as a version that’s locked, of their native token, the FLEX coin.
Customers were informed of this restructuring process through emails last Tuesday. CoinFLEX released a blog post, where they laid out their ideas. There, they revealed that users who want immediate liquidity on funds that were frozen could exit from their positions. They can sell their frozen funds to customers that show interest in the recovery plan they have proposed. This recovery plan involved CoinFLEX’s rvUSD token, FLEX coin, as well as equity.
The company revealed that its intention was to remain at the right size for an entity of its caliber. This is taking into consideration the potential for acquisition as well as a partnership with CoinFLEX.