Zipmexa digital asset exchange with operations in Singapore, Australia, Indonesia and Thailand, say on Twitter that it “will suspend withdrawals until further notice.”
The Singapore-based company cited “a combination of circumstances beyond our control including volatile market conditions and financial difficulties that resulted in our key business partners being we”.
Due to a combination of circumstances beyond our control, including volatile market conditions and financial difficulties resulting from our key business partners, in order to maintain the integrity of our platform, we will suspend withdrawals until further notice.
– ZIPMEX (@zipmex) July 20, 2022
Zipmex is not the only crypto exchange struggling amid a global crypto market sell-off. Crypto Unicorn Babel withdrawals suspended in June, while Celsius, one of the biggest lenders of cryptocurrencies, filed for bankruptcy a week ago.
Vauld, another cryptocurrency platform based in Singapore, Withdrawals, trading and deposits suspended due to financial challenges earlier this month.
TechCrunch has reached out to Zipmex for comment and will update this story if we hear back from them. Reuters report that during a live stream on Wednesday night, Zipmex Thailand CEO Akalarp Yimwilai said the office’s difficulty was due to problems at Singapore-based Zipmex Global, which has partners Babel Finance and Celsius , is having liquidity problems.
