Withdrawal suspension raises alarm among Zipmex users
Thai cryptocurrency exchange Zipmex has triggered alarm bells with investors after announcing withdrawals were being suspended.
“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,” a statement read.
Earlier this year, Zipmex had been in line for a takeover by Coinbase. The acquisition fell through last month, with Coinbase making what it described as “a strategic investment” of an undisclosed sum.
Coinbase has yet to comment on the suspension, but Zipmex issued a further statement this evening regarding its ZipUp+ feature and claimed its Trade Wallet would resume by 8pm.
“Due to the fact that fiat and digital assets withdrawals were suspended, we would like to inform everyone that the company is now experiencing issues with its ZipUp+ product as a result of liquidity shortages from its business partners, affecting BTC, ETH, USDT and USDC,” the company said.
“However, the issues mentioned above are temporary and do not affect Trade Wallet, which is about to resume its deposit-withdrawal service by 20:00 today.
“The company would like to inform all customers that Zipmex will do everything possible to re-enable transfers from Z-Wallet to Trade Wallet. We sincerely apologise for this unexpected event and will update on a frequent basis for your peace of mind. Thank you for your trust and confidence in Zipmex.”
Following the failed takeover by Coinbase, Zipmex’s CEO and co-founder Marcus Lim dismissed as “rumours” suggestions in the media that the Bangkok-based firm was in financial trouble.