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Crypto exchange Zipmex halts withdrawals citing market volatility

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Zipmex has become the latest cryptocurrency platform to halt customer withdrawals.

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In a tweet, the company cited volatile market conditions and “the resulting financial difficulties of our key business partners” as reasons for the shutdown.

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However, the firm did not name business partners who faced financial turmoil.

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Zipmex also did not provide any information on when users can expect withdrawals to resume.

Finance Zipmex

Founded in 2018, the Zipmex cryptocurrency exchange offers services in Southeast Asia, including Singapore, Thailand and Indonesia, as well as in Australia. Although the exchange is headquartered in Singapore, the exchange is not licensed by the Monetary Authority of Singapore (MAS).

In August 2021, Zipmex raised $41 million in a Series B funding round. Investors included Krungsri Finnovate, the venture arm of Bank of Ayudhya, Thailand’s fifth largest bank by assets, and a subsidiary of Japan’s Mitsubishi UFJ Financial Group (MUFG), listed in Thailand, multimedia companies Plan B Media and Master Ad (MACO). Zipmex said at the time that the firm’s valuation would reach $1 billion in the coming months.

In September 2021, Zipmex raised another $11 million in a Series B round. As of June 2022, Coinbase had agreed on strategic investments at Zipmex and the firm was working on a Series B+ round with a $400 million valuation.

Trend freeze

Since last month, several crypto platforms have banned customer withdrawals, citing market volatility. This includes Celsius Network and Voyager Digital before both firms filed for bankruptcy.

Babel Finance and CoinFLEX also suspended withdrawals, although CoinFLEX has since resumed withdrawals with a 10% limit.





Credit : cryptoslate.com

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