2 years ago
Zipmex has go the latest cryptocurrency level to halt lawsuit withdrawals.
In a tweet, the institution cited volatile marketplace conditions and the “resulting fiscal difficulties of our cardinal concern partners” arsenic reasons down the halt.
Due to a operation of circumstances beyond our power including volatile marketplace conditions, and the resulting fiscal difficulties of our cardinal concern partners, to support the integrity of our platform, we would beryllium pausing withdrawals until further notice.
— ZIPMEX (@zipmex) July 20, 2022
However, the steadfast did not place the concern partners facing fiscal turmoil.
Zipmex besides did not supply immoderate accusation regarding erstwhile users tin expect withdrawals to resume.
Zipmex’s finances
Founded successful 2018, crypto speech Zipmex offers services crossed Southeast Asia including Singapore, Thailand, and Indonesia, arsenic good arsenic Australia. Although headquartered successful Singapore, the speech is not licensed by the Monetary Authority of Singapore (MAS).
In August 2021, Zipmex raised $41 cardinal successful a Series B backing round. Investors included Krungsri Finnovate, the task superior limb of the Bank of Ayudhya, Thailand’s fifth-largest slope by assets and a subsidiary of Japan’s Mitsubishi UFJ Financial Group (MUFG), Thai-listed multimedia companies Plan B Media and Master Ad (MACO). At the time, Zipmex said that the steadfast volition scope $1 cardinal successful valuation successful the months to come.
In September 2021, Zipmex raised different $11 cardinal arsenic portion of its Series B round. As of June 2022, Coinbase had agreed to a strategical investment successful Zipmex and the steadfast was moving connected a Series B+ circular astatine a valuation of $400 million.
A freezing trend
Since past month, respective crypto platforms person barred lawsuit withdrawals citing marketplace volatility. This includes Celsius Network and Voyager Digital earlier some firms filed for bankruptcy.
Babel Finance and CoinFLEX besides paused withdrawals though CoinFLEX has since resumed withdrawals with a 10% limit.
The station Crypto speech Zipmex halts withdrawals citing marketplace volatility appeared archetypal connected CryptoSlate.
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