Zipmex pauses withdrawals “until further notice”

Zipmex said on its website that it would be pausing withdrawals until further notice.

There was a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners.

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.

— ZIPMEX (@zipmex) July 20, 2022

Zipmex is not the only exchange that has had difficulty. Celsius, one of the biggest players in the industry, filed for bankruptcy last week.

Vauld halted withdrawals, trading and deposits due to financial challenges.

If we hear back from Zipmex, the story will be updated. Zipmex Thailand CEO Akalarp Yimwilai said in a livestream on Wednesday evening that the office's difficulties were due to the problems at Singapore-based Zipmex Global.

Zipmex, which aspires to build the Asia Pacific region’s largest digital assets exchange, raises $6 million led by Jump Capital