April 22, 2024


Crypto exchange Zipmex is now back up and running withdrawals for some altcoins besides Bitcoin and Ethereum. So far, there are no updates on Bitcoin and Ethereum withdrawals. The suspension of withdrawals on Zipmex happened after the two other exchanges Babel and Celsius froze withdrawals.

The crypto exchange has now started allowing users to withdraw some token from their trading accounts. Zipmex also reported a timeline for the withdrawals of Solana, XRP and Cardano from trading wallets. Market engines like Bitcoin and Ethereum still remain locked.

The crypto exchange operates in Thailand, Singapore, Indonesia and also Australia and had suspended withdrawals stating:

Volatile market conditions and the resulting financial difficulties of our key business partners.

Sometime last week, the Securities and Exchange Commission of Thailand had passed an order to the Zipmex Thailand unit asking them to resume withdrawals in certain digital currencies. According to the schedule, Solana tokens will be delivered on Tuesday, while XRP withdrawals have to wait until Thursday, however Cardano will be available for withdrawals on the same day as Solana.

Crypto Exchange Zipmex is working to get back the deposits

Zipmex has ties to both Celsius and Babel and reported that both of these companies are in a credible position given the financial backing. He also said that due diligence regarding this case has been ensured.

The company is currently continuing to recover the deposits from Babel Finance. Along with this, the crypto exchange also ensured that the rumors about the bankruptcy are false. He clarified that he has filed a moratorium application in the Singapore court.

This ensures that Zipmex has sufficient time to consider the issues and decide on an acceptable outcome for customers. In order to deal with the ongoing liquidity crisis, it is working with Celsius and Zipmex to find a rescue package with investors.

Zipmex refers,

We promised to resolve the Z Wallet situation and resume services. That is why, after stabilizing the situation, we are releasing unaffected digital assets namely: ADA, SOL and XRP to users’ Trade Wallets starting tomorrow, August 2, 2022.

Related reading | Crypto Exchange Zipmex Goes Bankrupt – Who’s Next To Fall?

Road to Recovery

An anonymous Zipmex shareholder made an additional investment in the company’s native token. This was done to provide support to the company by boosting investor confidence. It also ensures that the development of the token remains on track.

While the crypto exchange hasn’t said anything about Bitcoin and Ethereum withdrawals, the move to release a select number of cryptocurrencies is a positive step towards recovery. In July, co-founder Akalarp Yimwilai in a Youtube video was allegedly in negotiations with interested investors.

Regarding the same, the company said that negotiations are still ongoing, but the prospective investors have now entered into a non-disclosure agreement after reviewing the financials of the stock exchange. There is no official statement yet on the outcome of such negotiations.

Related reading | Winter Has Come Home Zipmex: Exchange Goes Latest to Stop Withdrawals

Bitcoin was priced at $23,300 on the 4-hour chart | Source: BTCUSD on TradingView
Featured image from HeapTalk, chart from TradingView.com


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