{"id":23521,"date":"2022-07-21T11:17:00","date_gmt":"2022-07-21T11:17:00","guid":{"rendered":"http:\/\/egrowonline.com\/?p=23521"},"modified":"2022-07-21T11:17:00","modified_gmt":"2022-07-21T11:17:00","slug":"winter-came-for-house-zipmex-exchange-becomes-latest-to-halt-withdrawals","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=23521","title":{"rendered":"Winter Came For House Zipmex: Exchange Becomes Latest To Halt Withdrawals"},"content":{"rendered":"


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The Singapore-based cryptocurrency exchange Zipmex is the most recent in a line of crypto businesses to halt user withdrawals and transactions \u201cuntil further notice.\u201d<\/p>\n

Zipmex Halts Customer Withdrawals<\/h2>\n

In light of the unstable market conditions, the cryptocurrency exchange Zipmex on Wednesday suspended users from withdrawing their cryptocurrencies.<\/p>\n

The exchange announced the decision on Twitter<\/a> on Wednesday, citing \u201ca combination of circumstances beyond our control.\u201d<\/p>\n

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\u201cDue 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,\u201d said the exchange.<\/p>\n<\/blockquote>\n

Along with other cryptocurrency companies including Celsius Network Ltd. and Vauld, Zipmex has suspended withdrawals, leaving depositors stranded and highlighting the dangers of leveraged bets that are pervasive in the market. Singapore-based cryptocurrency loan and trading platform Vauld is attempting to avoid bankruptcy by selling itself to a rival and requesting legal relief.<\/p>\n

According to its website, Zipmex has a license from the Securities and Exchange Commission of Thailand to trade digital assets. Under the new guidelines established by the central bank for companies dealing in cryptoassets, the exchange in Singapore only has an exempted payment service provider authorization.<\/p>\n

According to its website, the exchange was established in September 2019 and has offices in Singapore and Thailand. According to CoinGecko data, the company\u2019s native ZMT cryptocurrency has lost almost 90% of its value since its peak.<\/p>\n

One of its offerings is ZipUp+, a cryptocurrency account that offers rewards of up to 10% on deposits of coins including Bitcoin, Ether, and Litecoin. On the other hand, Zipmex cautions potential customers on its website that they are not protected because the business lacks a Monetary Authority of Singapore license.<\/p>\n

According to a disclaimer on the website, \u201cthis means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex\u2019s business fails.\u201d<\/p>\n

With subsidiaries in Australia, Thailand, and Indonesia, Zipmex, which bills itself as \u201cAsia\u2019s leading digital assets market,\u201d enables users to trade different cryptocurrencies like bitcoin, ethereum, and its very own Zipmex token.<\/p>\n

Related reading | Scaramucci\u2019s SkyBridge Stops Withdrawals In Fund \u2013 Liquidation In The Offing?<\/a><\/strong><\/em><\/p>\n

Latest Move Is One Of Many<\/h2>\n

Numerous hedge funds and cryptocurrency lenders, including Three Arrows Capital,<\/a> Celsius, CoinFLEX, Babel Finance, Vauld<\/a>, and BlockFi,<\/a> have all suspended withdrawals like Zipmex due to major liquidity difficulties since Terra\u2019s $40 billion implosion in May. Troubled Celsius filed for Chapter 11 bankruptcy<\/a> protection last week.<\/p>\n

The suspension of investor redemptions was also \u201ctemporarily\u201d<\/a> put in place on Monday by Legion Strategies, a hedge fund connected to Anthony Scaramucci\u2019s Skybridge Capital, which said that \u201cthe suspension is largely driven by a liquidity mismatch resulting from late-stage private investments in the fund.\u201d<\/p>\n

Legion Strategies maintains that there is \u201czero risk of any asset liquidation,\u201d despite the fact that a portion of its portfolio is held in cryptocurrency.<\/p>\n

Following a powerful bullish breakthrough, Bitcoin rose by over 7% today to reach a five-week high above $24,000. Bulls must maintain control of the market for a parabolic rise to $30K and beyond if crypto-centric companies are to overcome their current financial problems.<\/p>\n

\"Zipmex\"<\/p>\n

BTC\/USD trades above $24k. Source: TradingView<\/a><\/pre>\n
One of Thailand\u2019s largest banks, the Bank of Ayudhya, invested<\/a> in the exchange last year, helping it raise $41 million. As of June, Zipmex was working on a Series B+ funding round that was expected to increase its valuation to $400 million, and Coinbase had agreed to make a strategic investment<\/a> in the Singapore-based company.<\/p>\n
Related reading | BlockFi Quietly Reduces Employees, Offer Buyouts To Force Resignations<\/a><\/strong><\/em><\/p>\n
Featured image from Shutterstock, chart from TradingView.com<\/a><\/pre>\n<\/p><\/div>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
The Singapore-based cryptocurrency exchange Zipmex is the most recent in a line of crypto businesses to halt user withdrawals and transactions \u201cuntil further notice.\u201d Zipmex Halts Customer Withdrawals In light of the unstable market conditions, the cryptocurrency exchange Zipmex on Wednesday suspended users from withdrawing their cryptocurrencies. The exchange announced the decision on Twitter on […]<\/p>\n","protected":false},"author":1,"featured_media":23522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[53,3637,3935,138,1866,398,7005],"class_list":["post-23521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-exchange","tag-halt","tag-house","tag-latest","tag-winter","tag-withdrawals","tag-zipmex"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/ATM-machine.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23521"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23521\/revisions"}],"predecessor-version":[{"id":23523,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/23521\/revisions\/23523"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/23522"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23521"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}