Crypto exchange Zipmex freezes withdrawals due to 'volatile market conditions'

Zipmex is the latest cryptocurrency-focused firm to suspend customer withdrawals due to turbulent market conditions."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," the crypto exchange wrote in a Twitter post Wednesday. The company, which offers its trading services in Thailand, Indonesia, Singapore and Australia, is joining a raft of crypto firms that have halted withdrawals in recent weeks, including Celsius, CoinFLEX and Babel Finance.Over the past week, major digital tokens like bitcoin (BTC-USD) +15.6% and ethereum (ETH-USD) +30.8% have experienced a relief rally, but remain well below last year's all-time highs in the wake of recession fears and financial contagion effects spreading in the crypto space.Earlier this week, (July 19) Coinbase Global paused Bitcoin SV withdrawals.