Zipmex Becomes the Latest Crypto Firm to Suspend Withdrawals

South Asia-focused cryptocurrency exchange Zipmex has become the latest to suspend customer withdrawals “until further notice.” Zipmex Halts Withdrawals “Until Further Notice” Zipmex cited a “combination” of uncontrollable circumstances like “volatile market conditions” and the “financial difficulties” of their “key business partners” for the halt in withdrawals. Due 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. — ZIPMEX (@zipmex) July 20, 2022 Zipmex Thailand CEO Akalarp Yimwilai told an online live stream on Wednesday evening 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. The company now joins among a growing list of crypto firms that have moved to pause withdrawals in recent weeks. For instance, crypto unicorn Babel suspended withdrawals in June, while Celsius, one of crypto’s biggest lenders, suspended withdrawals this month and filed for bankruptcy a week ago. Similarly, Vauld, another Singapore-based crypto platform, suspended withdrawals, trading, and deposits due to financial challenges earlier this month. Established in 2018, Zipmex is a licensed cryptocurrency and digita...