Crypto Exchange Zipmex Halts Withdrawals Citing Market Conditions, Financial Difficulties of Business Partners

Cryptocurrency speech Zipmex has halted withdrawals owed to “volatile marketplace conditions, and the resulting fiscal difficulties of our cardinal concern partners.” The speech operates successful Singapore, Australia, Indonesia, and Thailand.

Zipmex Pauses Withdrawals

Crypto speech Zipmex, which operates successful Singapore, Australia, Indonesia, and Thailand, has go the latest crypto institution to halt withdrawals. The level described itself arsenic “Asia’s starring integer plus speech providing you precocious liquidity and security connected your assets.”

On Wednesday, Zipmex announced via Twitter that “due to a operation of circumstances beyond our power including volatile marketplace conditions, and the resulting fiscal difficulties of our cardinal concern partners … we would beryllium pausing withdrawals until further notice.”

One of the services Zipmex provides is Zipup+ which offers up to 10% yearly rewards connected cryptocurrency, according to its website. The programme offers 5 VIP levels. The basal VIP level offers 6% APY whereas the highest level, VIP 4, offers up to 10% APY. “Make your crypto enactment hard, truthful you tin unrecorded easy. Get up to 12% APY connected your crypto erstwhile you deposit with Zipmex. Flexible terms. No minimums,” Zipmex wrote.

In August past year, the institution raised $41 cardinal with information from the Bank of Ayudhya (Krungsri), 1 of Thailand’s largest banks. In the aforesaid month, Zipmex announced that it teamed up with Visa to motorboat the Zipmex card.

Zipmex is simply a licensed cryptocurrency and integer token speech successful Thailand. However, the level is not registered successful Singapore to supply integer outgo token (DPT) services.

“The Monetary Authority of Singapore (‘MAS’) requires america to supply this hazard informing to you arsenic a lawsuit of Zipmex. Before you wage Zipmex immoderate wealth oregon DPT, you indispensable beryllium alert of the following,” Zipmex disclosed connected its website, warning:

Zipmex is not presently licensed by MAS to supply DPT services. This means that you volition not beryllium capable to retrieve each the wealth oregon DPTs you paid to Zipmex if Zipmex’s concern fails.

This month, crypto lenders Celsius Network and Voyager Digital halted withdrawals and subsequently filed for bankruptcy protection. Babel Finance besides suspended withdrawals successful June, pursuing troubles astatine crypto hedge money Three Arrows Capital (3AC).

What bash you deliberation astir crypto speech Zipmex halting withdrawals? Let america cognize successful the comments conception below.