Crypto exchange Zipmex announces the resumption of withdrawals

In a document for users, the company noted that it was taking steps to recover assets

21.07.2022 - 16:10

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What’s new? Thai cryptocurrency exchange Zipmex will resume deposit and withdrawal functions starting from July 21 at 18:00 GMT +7. According to the company, trading on the platform will not be available until further notice. The exchange suspended operations and withdrawals on July 20, citing “volatile market conditions, and the resulting financial difficulties of our key business partners.”

📢Important Announcement 📢We are extending our maintenance period and will re-enable withdrawals and deposits for your Trade Wallet on 21 July 2022 at 18:00 (GMT+7). Trading will remain disabled until further notice. pic.twitter.com/2qCDzcyjdY— ZIPMEX (@zipmex) July 21, 2022

What do the company representatives say? In a document intended for users, the company noted that it is taking measures to recover assets. According to representatives of the exchange, operations have not suffered significant damage.

Zipmex said that as of July 21 it had $48 million exposure with Babel Finance and $5 million exposure with Celsius Network. The exchange envisioned several options to restore operations, including fundraising, restructuring and initiating a lawsuit.

pic.twitter.com/SermTBBTGi— The Bright Light (@bright_light_12) July 21, 2022

What is known about Zipmex? The platform was launched in September 2019 and is based in Singapore and Thailand. Zipmex has about 2 million active users. In March, the company raised $11 million in one of its funding rounds. Zipmex has a native token called ZMT. As of July 21, the asset is down more than 90% from its all-time high (ATH) and trades at $0,4, according to CoinGecko.

On June 13, Celsius suspended withdrawals, exchanges and transfers, later declaring bankruptcy. On June 24, withdrawals were suspended by CoinFLEX exchange. On July 1, American cryptocurrency broker Voyager Digital announced the suspension of all operations, and on July 4, the crypto platform Vauld announced the suspension of payments to clients.

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