December 11, 2023

Cryptocurrency exchange Zipmex resumes withdrawals and deposits of customer funds

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Cryptocurrency exchange Zipmex resumes withdrawals and deposits of customer funds

The Thailand cryptocurrency exchange announced the resumption of deposits and withdrawals on the platform.

The Zipmex exchange announced that it was resumingDeposit and withdrawal operations will begin at 18:00 (GMT +7) on July 21. At the same time, trading operations with crypto assets will not be available until further notice from the company.

A day earlier, crypto exchange CEO Marcus Lim said
to suspend the withdrawal of funds, citing “unstable market conditions and the resulting financial difficulties of key business partners.”

Crypto community experts suggest thatOne of the reasons for the temporary cessation of operations could be the agreement on the terms of cooperation with the large American cryptocurrency exchange Coinbase. Coinbase previously planned to buy Zipmex, but after the deal fell through, the American exchange held a round of “strategic investment in the company.”

Another factor that influenced the decisionThai platform about the temporary suspension of operations, was the beginning of claims against Babel Finance and Celsius Network. Although the Zipmex exchange has repeatedly stated to clients that the company does not have financial problems, top management draws the attention of users to the measures they are taking to return suspended items. ;assets.

Zipmex explained that as of July 21the total amount of the company's claims against Babel Finance was $48 million, and against Celsius Network $5 million. The platform is considering several options for claims work, including raising funds, initiating bankruptcy proceedings or restructuring.

In April, cryptocurrency exchange Zipmex signed partnership agreements with the Australian football A-League and the National Rugby League.