CoinFLEX files for restructuring in Seychelles court: Bloomberg

Quick Take

  • CoinFLEX filed for restructuring in a Seychelles court, Bloomberg reported.

  • The firm is seeking court approval to issue depositors with rvUSD tokens, equity and FLEX Coin.

Crypto exchange CoinFLEX has filed for restructuring in Seychelles, Bloomberg reported on Tuesday. 

CoinFLEX announced the restructuring process in emails to customers on Tuesday. "It will seek approval from depositors and court on a proposal to issue depositors with rvUSD tokens, equity, and locked FLEX Coin," Bloomberg said.

“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 CEO Mark Lamb told Bloomberg. 

The restructuring motion was filed as the company sought to "resolve a shortfall due to a counterparty failing to make a margin call," according to the Bloomberg report.   

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