March 4, 2024

Cryptocurrency exchange Zipmex suspends withdrawals

Article Reading Time:
1 min.

Cryptocurrency exchange Zipmex suspends withdrawals

The CEO of large Thai crypto exchange Zipmex said that despite the suspension of withdrawals, the company does not have financial problems.

Zipmex explains withdrawal suspensioncircumstances beyond her control. Coinbase made an offer to buy Thai cryptocurrency exchange Zipmex at the beginning of the first quarter of 2022. However, on June 9, the deal fell through. Instead of outright purchasing the asset, Coinbase made a “strategic investment” in the company for an undisclosed amount.

According to the CEO andThe company's co-founder Marcus Lim, although the company is interested in working closely with Coinbase, is more suitable as an investor than a week as a new owner. At the same time, Lim tried to refute rumors that the company is experiencing financial problems.

“The acquisition fell through due to market conditions.conditions. They have withdrawn from many countries around the world such as Turkey and Latin America. Coinbase is a great strategic partner for businesses,” – Lim stated.

Zipmex is currently working on an increase in the seriesB+, which could be worth $400 million. The exchange is reported to have operations in Thailand, Indonesia, Singapore and Australia. In August 2021 Zipmex's user base reached 200,000 and since its launch in late 2019 year, the total volume of transactions exceeded $1 billion.

Formerly a cryptocurrency derivatives exchangeCoinFLEX said it needs more time to resume withdrawing user funds as the platform is still looking for someone to buy back its $47 million debt.