Zipmex Becomes the Latest Crypto Firm to Suspend Withdrawals
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Zipmex Halts Withdrawals "Until Further Notice"
Zipmex cited a "combination" of uncontrollable circumstances like "volatile market conditions" and the "financial difficulties" of their "key business partners" for the halt in withdrawals.
The company now joins among a growing list of crypto firms that have moved to pause withdrawals in recent weeks. For instance, crypto unicorn Babel suspended withdrawals in June, while Celsius, one of crypto's biggest lenders, suspended withdrawals this month and filed for bankruptcy a week ago.
Similarly, Vauld, another Singapore-based crypto platform, suspended withdrawals, trading, and deposits due to financial challenges earlier this month.
Established in 2018, Zipmex is a licensed cryptocurrency and digital token exchange in Thailand. However, the platform is not registered in Singapore to provide digital payment token (DPT) services.
Last year, the exchange raised $41 million with an investment from the Bank of Ayudhya, one of Thailand's largest banks. As of June, Coinbase had reportedly agreed to make a strategic investment in Zipmex. The company was also working on a Series B funding round projected to raise its valuation to $400 million.