Crypto Exchange ZipmexX Resumes Withdrawals for Trade Wallet

Zipmex, Asia's leading digital asset exchange, said in an announcement on Friday that it has resumed withdrawals on Trade Wallet in Thailand, and said it will resume withdrawals in other countries shortly afterward.

Two days ago, the exchange suspended users from withdrawing cryptocurrencies on the grounds that assets could be swallowed up by the financial crisis facing Celsius Network and cryptocurrency lender Babel Finance.

But the company said it will still prohibit transfers, deposits, and transactions through Z wallets.

Z Wallet has all products and services from Zipmex such as receiving bonuses, earning new digital assets, and much more including access to exclusive products and services.

Founded in 2018 by Marcus Lim and Akalarp Yimwilai, Zipmex started operations in September 2019 and is headquartered in Singapore and Thailand. The exchange’s user base has reached 200,000 with a total trading volume of over $1 billion.

The company’s native ZMT token has fallen more than 90% from its all-time high.

The company revealed that it lent $48 million to Babel Finance and $5 million to Celsius, which has filed for bankruptcy protection.

The official statement from Zipmex reads: “Ever since the black swan events surrounding the crypto space 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.”

To address the liquidity crisis, the company is working with both companies and is actively negotiating a possible rescue package with investors.

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