- Title: Southeast Asian crypto exchange Zipmex suspends withdrawals
- Date: 21st July 2022
- Summary: BANGKOK, THAILAND (FILE - NOVEMBER, 2021) (REUTERS) BANGKOK TRAFFIC / BILLBOARD ADS ZIPMEX BILLBOARD AD PLAYING ON LED SCREEN WOMAN LOOKING AT PHONE GENERAL VIEW OF VICTORY MONUMENT MAN LOOKING AT HIS PHONE
- Embargoed: 4th August 2022 09:46
- Keywords: ASSET CRYPTO CRYPTOCURRENCY DIGITAL EXCHANGE THAILAND ZIPMEX
- Location: INTERNET / BANGKOK, THAILAND
- City: INTERNET / BANGKOK, THAILAND
- Country: Thailand
- Topics: Asia / Pacific,Company News Markets,Economic Events
- Reuters ID: LVA002342721072022RP1
- Aspect Ratio: 16:9
- Story Text: Southeast Asia-focused cryptocurrency exchange Zipmex said on Wednesday (July 20) night that it had suspended withdrawals, before resuming some trade functions a couple hours afterwards.
The company's Facebook post cited "volatile market conditions and the resulting financial difficulties of our key business partners" for the suspension.
Zipmex Thailand CEO Akalarp Yimwilai said in a Facebook post that the local affiliate's difficulties stemmed from problems at Singapore-based Zipmex Global, whose partners, including Babel Finance and Celsius, were experiencing liquidity problems.
Zipmex Thailand said in a statement on Thursday (July 21) that the company is currently in talks with Babel and Celsius to 'resolve the situation', while the 'exposure to Celsius was minimal' so they plan to write that off.
Some functions such as the Z Wallet and Zip Up, a product where Thai clients deposits asset to Zipmex Global, remains halted, according to Akalarp. Zipmex Thailand said deposit and withdrawals has been re-enabled, but some users say they are still experiencing difficulty in the transactions.
Zipmex, which says it operates in Singapore, Thailand, Indonesia and Australia, is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.
(Production: Artorn Pookasook, Juarawee Kittisilpa) - Copyright Holder: FILE REUTERS (CAN SELL)
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