zipmexan exchange of digital assets with operations in Singapore, Australia, Indonesia and Thailand, said on Twitter that it would “pause recordings until further notice.”
The Singapore-headquartered company cited 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, in order to maintain the integrity of our platform, we would pause withdrawals until further notice.
— ZIPMEX (@zipmex) July 20, 2022
Zipmex isn’t the only crypto exchange to find itself in trouble during a global crypto market sell-off. Crypto unicorn Babel suspension of admissions in June, while Celsius, one of crypto’s largest lenders, filed for bankruptcy a week ago.
Vauld, another Singapore-based crypto platform, suspended withdrawals, trading and deposits earlier this month due to financial challenges.
sure naira has reached out to Zipmex for comment and will update this story if we hear from them. Reuters reports: that in a live stream on Wednesday night, Zipmex Thailand CEO Akalarp Yimwilai said his office’s difficulties were due to problems at Singapore-based Zipmex Global, whose partners Babel Finance and Celsius were experiencing liquidity problems.
