Crypto exchange Zipmex halts withdrawals citing market conditions, financial difficulties of trading partners
Crypto exchange Zipmex
Modified Date:- Published Date:-Categories: Cryptocurrency
Crypto exchange Zipmex halts withdrawals citing market conditions, financial difficulties of trading partners
The cryptocurrency exchange Zipmex has halted withdrawals due to volatile market conditions and the financial difficulties of our major trading partners. The exchange operates in Singapore, Australia, Indonesia and Thailand.
Zipmex Pauses Withdrawals
Crypto exchange Zipmex, which operates in Singapore, Australia, Indonesia and Thailand, has become the latest crypto company to halt withdrawals. The platform describes itself as Asia's leading digital asset exchange that offers you high liquidity and insurance on your assets.
On Wednesday, Zipmex announced via Twitter that due to a combination of circumstances beyond our control, including volatile market conditions,and the resulting financial difficulties of our major business partners we will hold withdrawals until further notice.
One of the services provided by Zipmex is Zipup+ which, according to its website, offers 10% annual rewards on the cryptocurrency. The program offers five VIP levels. The basic VIP level offers 6% APY while the highest level, VIP 4, offers up to 10% APY. “Take your crypto hard, so you can live easier. Receive up to 12% APY on your crypto when you deposit at Zipmex. Flexible terms. No minimum,” Zipmex wrote.
In August last year, the company raised $41 million with participation from Bank of Ayodhya (Krungshree), one of the largest banks in Thailand. That same month, Zipmex announced that it had teamed up with Visa to launch the Zipmex Card. Zipmex is a licensed cryptocurrency and digital token exchange in Thailand.
However, the platform is not registered in Singapore to provide Digital Payment Token (DPT) services. This month, crypto lenders Celsius Network and Voyager Digital halted withdrawals and subsequently filed for bankruptcy protection. Babel Finance also suspended withdrawals in June, following trouble at crypto hedge fund Three Arrows Capital (3AC).
Three Arrows Capital, a crypto lending firm, has partnered with Zipmex, a digital payment token platform. Three Arrows Capital CEO Cesar Vergara said that digital payments are becoming an established global phenomenon and the company’s goal is to leverage this growth to create new avenues of capital infusion into the emerging digital asset market.