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Leading Romanian bitcoin exchange CoinFlux has bank accounts frozen

It was announced today by top Romanian bitcoin and cryptocurrency exchange CoinFlux that the company has had their bank accounts frozen. The CoinFlux team said that due to a recently started, and unexpected investigation, they are in the “unpleasant situation of temporarily stopping any digital currency exchanges.”

With the company bank accounts frozen, the situation is also affecting user CoinFlux wallets. The CoinFlux team is now making all possible efforts, along with their legal advisers, to make sure everyone who had money deposited on CoinFlux gets it back.

Furthermore, due to the investigation, access to parts of the platform have also been restricted, thus the company was unable to send the stoppage notice through its usual communication channels: e-mail and website. Expectations are that CoinFlux will gain control back of these functionalities within the next few days.

“We are aware that this is a worrisome situation for the people who have placed their trust in our service, and we assure each and every one of them that we will do everything that’s up to us to fix this unfair situation.”

Alexandru Coman, CoinFlux

Last year, another leading bitcoin exchange BTCxCHANGE decided to shut down service after their bank accounts were frozen. With many customers utilizing the bitcoin to bank account withdrawal features, the company decided it was not worth continuing service without a stable banking partner.

We will update on the latest developments coming from CoinFlux as they become available.

Update 12/15/18

CoinFlux has informed on the latest on this situation and has announced that it has undertaken the following actions, with the purpose of returning the money deposited in CoinFlux wallets back to clients’ bank accounts:

  1. CoinFlux has sent MisterTango (the Financial Institution hosting the company’s frozen bank account) a list of people who have money blocked in CoinFlux wallets, as well as the exact associated balances, and the instruction to transfer those funds back into the clients’ bank accounts.
  2. CoinFlux officially informed MisterTango that 100% of the funds within the CoinFlux bank accounts belong to customers, thus the money should be returned to their rightful owners and this action should be treated as a priority.

The CoinFlux team said, “We hope that our actions will result in the transfer of the money back to the clients’ bank accounts. We will return with further updates following MisterTango’s response, or other relevant developments.”

Source:CoinFlux

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