Zipmex, a digital belongings alternate with operations in Singapore, Australia, Indonesia and Thailand, said on Twitter that it “could be pausing withdrawals till additional discover.”
The Singapore-headquartered firm cited a “mixture of circumstances past our management together with unstable market situations, and the ensuing monetary difficulties of our key enterprise companions.”
Because of a mix of circumstances past our management together with unstable market situations, and the ensuing monetary difficulties of our key enterprise companions, to take care of the integrity of our platform, we’d be pausing withdrawals till additional discover.
— ZIPMEX (@zipmex) July 20, 2022
Zipmex will not be the one crypto alternate that has run into difficulties amid a worldwide dump in crypto markets. Crypto unicorn Babel suspended withdrawals in June, whereas Celsius, considered one of crypto’s greatest lenders, filed for chapter per week in the past.
Vauld, one other Singapore-based crypto platform, suspended withdrawals, buying and selling and deposits resulting from monetary challenges earlier this month.
DailyTech has reached out to Zipmex for remark and can replace this story if we hear again from them. Reuters reviews that in a livestream on Wednesday night, Zipmex Thailand CEO Akalarp Yimwilai mentioned its workplace’s difficulties have been due to issues at Singapore-based Zipmex International, whose companions Babel Finance and Celsius, have been experiencing liquidity issues.