Zipmex, A Cryptocurrency Exchange, Has Resumed Some Altcoin Withdrawals

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Last Updated on August 4, 2022 by Bitfinsider

Apart from Bitcoin and Ethereum, Zipmex, a cryptocurrency exchange, has now resumed withdrawals for a few altcoins. There have been no recent developments regarding Bitcoin and Ethereum withdrawals. After the two other exchanges, Babel and Celsius, halted withdrawals, Zipmex followed suit.

Users can now withdraw some token from their trading accounts on the cryptocurrency market. A schedule for Solana, XRP, and Cardano withdrawals from trade wallets has been been provided by Zipmex. Market movers like Bitcoin and Ethereum are still constrained.

The cryptocurrency exchange, which has offices in Thailand, Singapore, Indonesia, and Australia, had stopped accepting withdrawals and stated: “Volatile market conditions, and the resulting financial difficulties of our key business partners.”

The Zipmex Thailand division had received a directive from Thailand’s Securities & Exchange Commission instructing them to resume withdrawals on a few digital coins sometime last week. The timeline states that while XRP withdrawals must wait until Thursday in order to receive their Solana tokens, Cardano withdrawals will be made possible on the same day as Solana’s.

Zipmex is working to recover deposits

Both Celsius and Babel are partners of Zipmex, and it has been noted that both have a solid reputation given their financial support. Additionally, it noted that the case’s due diligence had been guaranteed.

Currently, the business is continuing to recover the deposits owed to Babel Finance. Additionally, the cryptocurrency exchange made sure that the bankruptcy rumors were untrue. It clarified that a moratorium request had been submitted to the Singapore court.

This guarantees that Zipmex will have enough time to investigate the problems and select a solution that will be satisfactory to the clients. It is collaborating with Celsius and Zipmex to come up with a rescue plan for the investors in order to handle the ongoing liquidity situation.

Zipmex stated: “We promised to resolve the Z Wallet situation and resume services. That’s why after having stabilized the situation we’re releasing unaffected digital assets namely: ADA, SOL, and XRP into users’ Trade Wallets starting tomorrow, 2 August 2022.”

Recovering from Losses

An new investment in the company’s native token has been made by an unnamed Zipmex stakeholder. This was done to encourage investor confidence and promote the company. Additionally, it is making sure that the token’s development stays on course.

Although the cryptocurrency exchange has not commented on Bitcoin and Ethereum withdrawals, the decision to unfreeze a certain subset of cryptocurrencies is a step in the right direction towards recovery. In a YouTube video from the month of July, co-founder Akalarp Yimwilai purported to be in talks with potential investors.

The company stated that although the talks are still in progress, the prospective investors have now signed a non-disclosure agreement after carefully examining the exchange’s financials. The outcome of these conversations has not yet been officially announced.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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