Zipmex freezes withdrawals

Singapore-based cryptocurrency exchange Zipmex has frozen withdrawals due to difficult market conditions and financial worries surrounding crypto financial service provider, Babel Finance.

The Southeast Asian exchange operates investment services and crypto trading in Singapore, Australia, Indonesia and Thailand.

In a tweet yesterday, the exchange said: “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.”

After lending funds to Babel Finance in June when the exchange ceased withdrawals, Zipmex took a loss of around $100m, according to industry sources.

This came after the crash and liquidity issues of several companies leaving the cryptocurrency sector in Singapore under threat.

Crypto lender Three Arrows Capital recently filed for bankruptcy after the collapse of its fund, followed by its three founders being declared missing prior to a court hearing.

Additionally, Celsius Network and Voyager Digital both confirmed bankruptcy, while Vauld suspended all transactions.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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