Zipmex

Zipmex, a Singapore-based digital assets trading platform, today announced that it is pausing customer withdrawals,. The company took to Twitter on ...

According to the company’s website, users can enjoy up to 10% in rewards per year by depositing their funds on the platform. “Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,” said the exchange. The company took to Twitter on Wednesday to announce the move, citing “a combination of circumstances beyond our control” that made it take the decision.

The crypto exchange Zipmex has halted customer withdrawals until further notice due to "volatile market conditions."

The decision to freeze customer withdrawals is significant as it effectively blocks customers from accessing their money. Most crypto assets have plummeted in value over the course of this year, accelerated by key events like the collapse of Terra and Three Arrows Capital’s liquidity crisis. For example, the exchange claims to offer 10% annualized returns on USDC and 6% on Bitcoin and Ethereum, though it doesn’t clarify how it generates the yield.

Thai cryptocurrency exchange Zipmex has triggered alarm bells with investors after announcing withdrawals were being suspended.

Thank you for your trust and confidence in Zipmex.” “Due to the fact that fiat and digital assets withdrawals were suspended, we would like to inform everyone that the company is now experiencing issues with its ZipUp+ product as a result of liquidity shortages from its business partners, affecting BTC, ETH, USDT and USDC,” the company said. “Due to a combination of circumstances beyond our control, including volatile market conditions and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform we would be pausing withdrawals until further notice,” a statement read.

The CEO of Thai crypto exchange Zipmex denied rumors of financial trouble just moments before the group announced it would pause withdrawals on the platform ...

When pressed on whether Zipmex could face the same consequences as Celsius, the source commented that “it's possible. According to the source, who chose to remain anonymous, Zipmex “has a Thai exchange license and an exempt status in Singapore.” According to the Block, Zipmex is working on a Series B+ raise that could value it at $400 million. Instead, Coinbase made a “strategic investment” into the company — the amount has not been disclosed. Cointelegraph reports that Zipmex could be in trouble were dismissed as “rumors” by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase. Coinbase made an offer to acquire the Thai cryptocurrency exchange Zipmex early in quarter one 2022.

Crypto exchange Zipmex, operating in Singapore, Australia, Indonesia, and Thailand, has halted withdrawals.

Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Zipmex is not currently licensed by MAS to provide DPT services. Babel Finance also suspended withdrawals in June, following troubles at crypto hedge fund Three Arrows Capital (3AC). In August last year, the company raised $41 million with participation from the Bank of Ayudhya (Krungsri), one of Thailand’s largest banks. The basic VIP level offers 6% APY whereas the highest level, VIP 4, offers up to 10% APY. “Make your crypto work hard, so you can live easy. The platform described itself as “Asia’s leading digital asset exchange providing you high liquidity and insurance on your assets.”

ZIPMEX, a cryptocurrency exchange operating in markets like Singapore and Thailand, said it halted withdrawals as a series of defaults continues to haunt ...

Southeast Asia-focused cryptocurrency exchange Zipmex has suspended withdrawals, the company said in a tweet on Wednesday, the latest sign of stress in the ...

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Singapore-based cryptocurrency exchange Zipmex announced that it will be pausing withdrawals on its platform until further notice.

MAS had repeated dire warnings to consumers saying that investments in cryptocurrencies is highly risky. Zipmex is not currently licensed by the Monetary Authority of Singapore (MAS) to provide Digital Payment Token services. Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.

Zipmex cited "volatile market conditions and the resulting financial difficulties of our key business partners" for the suspension. Advertisement. Zipmex and its CEO did not immediately respond to requests for comment ...

U.S.-based Celsius did not immediately respond to a request for comment sent outside U.S. office hours. Akalarp said Zipmex Thailand had resumed operations apart from transactions linked to one investment product. Advertisement

Crypto exchange Zipmex became the latest to block customers from withdrawing their tokens, citing market conditions and financial difficulties of its ...

- Zipmex and Babel Finance did not respond to Forkast’s request for a comment at the time of publication. - “Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,” the exchange said on Wednesday on itsverified Twitter handle. Singapore-based cryptocurrency exchange Zipmex became the latest firm to block customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners, reportedly Babel Finance.

There are reports that a $100 million loan to troubled crypto lender Babel Finance has blown a hole in the balance sheet of the Australia-founded exchange.

Connect with Jessica on In a letter to customers on Thursday, Zipmex founder and chief executive Marcus Lim confirmed that the exchange was facing liquidity issues with BTC, Ether, USDC and USDT tokens held within ZipUp+. “We’ve been facing some liquidity issues with counterparties that Zipmex had assets with,” Mr Lim said in the letter. Zipmex is a cryptocurrency exchange that offers investors in Thailand, Indonesia, Singapore and Australia trading services, alongside an investment product called ZipUp+ that offers depositors up to a 10 per cent return. Australian-founded crypto exchange Zipmex has frozen withdrawals, amid reports that a $US100 million ($145 million) loan to troubled crypto lender Babel Finance has blown a hole in the company’s balance sheet. Reports on Thursday suggested that Zipmex’s ZipUp+ product had on-lent $100 million of depositors’ money to Babel Finance, a type of crypto bank, to generate that 10 per cent return.

Zipmex, based in Singapore and Thailand, says it halted withdrawals as a series of defaults continues to haunt the crypto industry.

Zipmex has a licence for digital asset trading from the Securities and Exchange Commission of Thailand, according to its website. The company’s native ZMT token has tumbled about 93 per cent from its all-time high, CoinGecko data shows. Zipmex joins other struggling crypto firms with operations in Singapore, including Three Arrows Capital and Vauld, even as the regulators in the city-state tighten rules to ring-fence retail investors from volatile digital assets.

Zipmex cited "volatile market conditions and the resulting financial difficulties of our key business partners" for the suspension.

A slew of global electronics and hardware manufacturers are petitioning the Centre for an early release of payments due to them under the country’s ambitious production-linked incentive (PLI) scheme, people directly in the know told ET. The government lowered the ‘windfall’ levy on domestic crude and fuel exports on Wednesday in the first review of the tax imposed on July 1 this month as international crude oil prices softened.Volume Drops Point to Stress on Demand: Mehta Zipmex cited "volatile market conditions and the resulting financial difficulties of our key business partners" for the suspension.

The regulator has asked whether Zipmex used Celsius or Babel Finance in connection to its ZipUp program.

Zipmex, a cryptocurrency exchange that operates in markets like Singapore and Thailand, halted withdrawals as the fallout from a series of defaults spreads ...

BANGKOK/SINGAPORE -- Fallout from a series of bankruptcies plaguing cryptocurrency firms has reached Thailand, as crypto exchange Zipmex suspended tra.