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Zipmex Resumes Activities for 1 of Their 2 Wallets
Summary: Zipmex announced it has resumed withdrawals from its Trade Wallets, two days after the platform paused the feature citing market volatility, according to a tweet on Friday. However, full operations have not been fully restored as they noted their Z Wallet will remain closed until further notice. Zipmex uses two types of wallets to manage ...
Zipmex announced it has resumed withdrawals from its Trade Wallets, two days after the platform paused the feature citing market volatility, according to a tweet on Friday.
However, full operations have not been fully restored as they noted their Z Wallet will remain closed until further notice. Zipmex uses two types of wallets to manage their assets. The one restored on Friday allows users to deposit fiat and other crypto assets they wish to trade on the platform.
The Z Wallet on the other hand, lets users deposit funds to receive rewards and bonuses. This wallet is still disabled until further notice.
Earlier this week, the Singapore-based exchange halted withdrawals citing market volatility and financial difficulties from their “key business partners.” This is just the latest exchange that paused user activities during troubling times in the crypto market. Celsius, Vauld and CoinFlex are just a few crypto platforms that have carried out similar measures in the recent past.
Bitpush reported that Zipmex had a $48 million exposure to Babel Finance and $5 million to Celsius, who have experienced insolvency problems of their own.
Author: Tyler Irvin
Tags: Babel Finance,Celsius,Pause,Withdrawals,zipmex
Link: Zipmex Resumes Activities for 1 of Their 2 Wallets [Copy]
