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Southeast Asian Crypto Exchange Zipmex Halts Withdrawals Citing Market Volatility
Summary: The Zipmex, a cryptocurrency exchange operating out of southeast Asia, paused withdrawals on their platform citing the all too familiar “volatile market conditions,” according to an announcement they made on Twitter. “Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to ...
The Zipmex, a cryptocurrency exchange operating out of southeast Asia, paused withdrawals on their platform citing the all too familiar “volatile market conditions,” according to an announcement they made on Twitter.
“Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,” the announcement said.
This is just the latest crypto platform to take this approach in an effort to save their company. In recent weeks, Celsius and Babel Finance tried this same method, citing “extreme market conditions.”
Since that initial pause on customer activities, Celsius filed for Chapter 11 bankruptcy in New York, while Babel has stayed extremely quiet about their activities in the last few weeks.
Drumi Stoyanov, a person who appears to be a Zipmex user, tweeted a screenshot of an announcement from Zipmex expressing their recent decision.
Zipmex was established in 2018 and operates in southeast Asia and Australia. Last year, the crypto platform raised $41 million with support from one of Thailand’s largest banks. As of June, Zipmex was working on a Series B+ funding round.
Author: Tyler Irvin
Tags: Babel Finance,bankruptcy,Celsius Network,zipmex
Link: Southeast Asian Crypto Exchange Zipmex Halts Withdrawals Citing Market Volatility [Copy]
