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Crypto Exchange Zipmex Halts Withdrawals Citing Market Conditions, Financial Difficulties of Business Partners

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Cryptocurrency exchange Zipmex has suspended withdrawals due to “volatile market conditions and the resulting financial difficulties of our key business partners.” The exchange operates in Singapore, Australia, Indonesia and Thailand.

Zipmex suspends withdrawals

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Cryptocurrency exchange Zipmex, which operates in Singapore, Australia, Indonesia and Thailand, has become the latest cryptocurrency company to suspend withdrawals. The platform has described itself as “the leading digital asset exchange in Asia, providing you with high liquidity and insurance for your assets.”

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On Wednesday, Zipmex announced via Twitter that “due to a combination of circumstances beyond our control, including volatile market conditions and the resulting financial difficulties of our key business partners… we will be suspending withdrawals until further notice.”

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According to the information on the Zipmex website, one of the services provided by Zipmex is Zipup+, which offers up to 10% annual cryptocurrency rewards. The program offers five VIP levels. The base VIP level offers 6% APY, while the highest level, VIP 4, offers up to 10% APY. “Make your cryptocurrency work hard to live easy. Get up to 12% APR on your cryptocurrency when you deposit with Zipmex. Flexible terms. No minimums,” Zipmex wrote.

In August last year, the company raised $41 million with the participation of Bank of Ayudhya (Krungsri), one of the largest banks in Thailand. That same month, Zipmex announced that it had teamed up with Visa to launch the Zipmex card.

Zipmex is a licensed cryptocurrency and digital token exchange based in Thailand. However, the platform is not registered in Singapore to provide digital payment token (DPT) services.

“The Monetary Authority of Singapore (“MAS”) requires us to provide this risk warning to you as a Zipmex customer. Before you pay Zipmex any money or DPT, you should know the following,” Zipmex said on its website, warning:

Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to return all the money or DPT you have paid to Zipmex if the Zipmex business fails.

Crypto lenders Celsius Network and Voyager Digital suspended withdrawals this month and subsequently filed for bankruptcy protection. Babel Finance also put its withdrawals on hold in June due to issues with cryptocurrency hedge fund Three Arrows Capital (3AC).

What do you think about the Zipmex withdrawal termination? Let us know in the comments below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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