The Singapore-headquartered organization cited a “combination of situation outside of our regulate like risky current market problems, and the resulting economic complications of our vital business enterprise associates.”
Due to a blend of conditions further than our command such as volatile current market ailments, and the ensuing economical troubles of our important organization companions, to keep the integrity of our platform, we would be pausing withdrawals right until even further detect.
— ZIPMEX (@zipmex) July 20, 2022
Zipmex is not the only crypto exchange that has run into challenges amid a global market off in crypto marketplaces. Crypto unicorn Babel suspended withdrawals in June, although Celsius, 1 of crypto’s major lenders, submitted for bankruptcy a 7 days ago.
Vauld, a further Singapore-based crypto platform, suspended withdrawals, investing and deposits owing to economic problems before this thirty day period.
TechCrunch has arrived at out to Zipmex for comment and will update this tale if we hear back from them. Reuters experiences that in a livestream on Wednesday night, Zipmex Thailand CEO Akalarp Yimwilai stated its office’s problems were since of troubles at Singapore-primarily based Zipmex International, whose partners Babel Finance and Celsius, ended up experiencing liquidity issues.