Crypto Exchange Zipmex To Resume Withdrawals

Singapore-headquartered crypto exchange Zipmex said on Thursday it was exploring all possible options to resume customer withdrawals, a day after it froze all client funds.

The exchange, having operations in Singapore, Australia, Indonesia and Thailand said, “Zipmex is exploring all available channels including fundraising, legal action and restructuring.”

The digital assets exchange had earlier announced to resume withdrawals and deposits for its Trade Wallets at 11 a.m. GMT Thursday, but it delayed the process until Friday, citing maintenance.

Transfers from its Z Wallets to Trade Wallets won't be available and ZipUp accounts are currently suspended as well.

"Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets. There were no materially adverse impacts to our operations,” the exchange said.

Talks with Babel Finance

The exchange also said it was in talks with Babel Finance to resolve its exposure to the crypto firm totaling $48 million.

Babel Finance had suspended withdrawals in June.

Zipmex, whose goal was to become the largest digital assets exchange in the Asia Pacific region, also said it would write off its $5 million exposure to Celsius.

The exchange on Wednesday had said that 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 had transacted more than $600 million in gross transaction volume since launching at the end of 2019, according to its last reported figures.

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