A day after halting customer <a href="https://www.cryptoknowmics.com/news/zipmex-becomes-the-latest-crypto-firm-to-suspend-withdrawals/" target="_blank" rel="noopener">withdrawals</a> citing market volatility, Zipmex is now planning to re-open withdrawals and deposits from its trade wallet feature. Trading will remain disabled until further notice, the company said.
<h2>Zipmex Re-Enables Customer Withdrawals</h2>
According to the latest update from today, Zipmex said it would be re-enabling customer withdrawals and deposits through its Trade Wallet feature from 17:00 UTC today. However, it added that trading would remain suspended.

https://twitter.com/zipmex/status/1549992884354838528

This comes just after a day after the platform announced that it "would be pausing withdrawals until further notice," citing a combination of uncontrollable circumstances, including "volatile market conditions, and the resulting financial difficulties" of their "key business partners."

In a separate now-deleted statement published on its social media channel, the exchange said it was working to "resolve the situation."
<blockquote><em>"Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets. There were no materially adverse impacts to our operations."</em></blockquote>
The company also said it wanted to "correct some misleading information" and outlined its current exposure to crypto providers <a href="https://babel.finance/" target="_blank" rel="nofollow noopener">Babel</a> and Celsius: $48 million and $5 million, respectively.

It added that it is in discussions with Babel to resolve the situation, and since its exposure to Celsius was minimal, it intends to write it off against its own balance sheet.

Zipmex also outlined a recovery plan in the deleted statement, saying it was "exploring all available channels including fundraising, legal action, and restructuring." For now, ZipUp and Z Wallet transfers are on pause.

Zipmex Shares New Plan to Re-Open Customer Withdrawals

A day after halting customer withdrawals citing market volatility, Zipmex is now planning to re-open withdrawals and deposits from its trade wallet feature.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Zipmex Shares New Plan to Re-Open Customer Withdrawals

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