Coinflare Review 2026: Exchange Shut Down (Wind-Down Notice)

The shutdown: what happened

Coinflare's own site states it plainly: starting 20 April 2026, users could no longer submit withdrawals through the platform as part of an orderly wind-down of operations. The entire public site was replaced with a single manual withdrawal request page. No trading, no deposits, no fee schedule, no markets. Just the claim form.

We verified this directly from Coinflare's site code. There was no hack announcement and no regulator action we could confirm, just a quiet wind-down. That quietness is itself a data point: small offshore exchanges can simply stop, and when they do, users are left filing forms and hoping.

How to claim remaining funds

If you held assets on Coinflare, use the manual withdrawal request form on their site. Here is what the process involves, straight from their notice:

• Fill in the claim form with details matching your Coinflare account as closely as possible: full legal name, date of birth, registered email address, and registered phone number.
• Expect identity verification and compliance checks. Requests are reviewed against historical account data.
• Incomplete or inconsistent requests may need additional review, so get the details right the first time.
• Understand the limit: Coinflare says submission does not guarantee approval or processing, and unverifiable claims may be rejected.

Submit as soon as you can, keep copies of everything you send, and be wary of anyone contacting you claiming they can recover your funds for a fee. That is a classic post-shutdown scam.

What Coinflare was

Coinflare launched in 2022 as BITFLEX and rebranded to Coinflare in 2024. Based in Seychelles and led by Ee Wui Yang, it was a small derivatives-focused exchange: a handful of spot coins, around 80 futures contracts, and up to 100x leverage. KYC was optional, with unverified accounts able to withdraw up to 5,000 USDT per day.

Its security story was a mixed bag that, in hindsight, reads like a warning. It partnered with Fireblocks, Jumio, and Coincover, which sounded reassuring. But it never published proof of reserves, held no meaningful licence, and operated with thin public transparency. The partnerships were real; the verifiable backing for customer funds was not.

Fees and features (historical)

For the record, Coinflare's last published fees were 0.1% maker and taker on spot and 0.02% maker and 0.06% taker on futures, with volume tiers below that. It ran a RewardsHub with tasks and Flex Points, an earn program, and regular trading campaigns. All of this is now historical. Do not let old fee comparisons or bonus articles send you to a dead platform.

Lessons from the shutdown

Coinflare is the reason this site keeps saying the same thing on every review: trade on small offshore exchanges if you must, but never store funds there. No proof of reserves, no major licence, and a quiet wind-down with a form as your only recourse is exactly how this story goes. Prefer venues with published reserves and real regulators, keep balances minimal everywhere else, and withdraw to a wallet you control.

Alternatives

For no-KYC derivatives with a longer track record, BloFin or BYDFi. For low-fee futures with published proof of reserves, Bitunix. For regulated trading, Kraken or Deribit. Our best crypto exchanges guide compares the leading venues side by side.

Coinflare questions