Cryptocurrency exchange Zipmex has suspended withdrawals due to “unstable market conditions and the resulting financial difficulties of key business partners.” The exchange operates in Singapore, Australia, Indonesia, and Thailand.
Zipmex suspends withdrawals
Crypto exchange Zipmex, which operates in Singapore, Australia, Indonesia, and Thailand, has become the latest crypto company to suspend withdrawals. The platform described itself as “Asia’s leading digital asset exchange that provides high liquidity and insurance for your assets.”
On Wednesday, Zipmex said via Twitter, “Due to a combination of circumstances beyond our control, including unstable market conditions, and financial difficulties as a result of key business partners … We are suspending withdrawals until further notice.”
One of the services offered by Zipmex is Zipup+, which offers annual rewards of up to 10% in cryptocurrency, according to the website. The program has five VIP levels. The basic VIP level offers 6% APY, while the highest level, VIP 4, offers up to 10% APY. Make your crypto work hard and live easy: “Deposit with Zipmex and get up to 12% APY on your crypto. Flexible terms. No minimum,” writes Zipmex.
Last August, the company raised $41 million with participation from
Zipmex is a licensed cryptocurrency and digital token exchange in Thailand. However, the platform is not registered in Singapore to offer digital payment token (DPT) services.
“The Monetary Authority of Singapore (MAS) requires you to provide this risk warning as a Zipmex customer; before paying money or DPT to Zipmex, you should be aware of the following points,” Zipmex discloses on its website, warning.
Zipmex is not currently licensed by MAS to provide DPT services. This means that if Zipmex’s business fails, you will not be able to recover all of the money and DPT you paid to Zipmex.
This month, crypto lenders Celsius Network and Voyager Digital suspended withdrawals and subsequently filed for bankruptcy protection; Babel Finance has also been forced to close its crypto hedge fund Three Arrows Capital (3AC) halted withdrawals in June following its troubles.
Image credits: Shutterstock, Pixabay, Wiki Commons
