Thai Crypto Exchange Zipmex Suspends Customer Withdrawals

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The Thailand-based cryptocurrency platform – Zipmex – froze clients’ withdrawals citing volatile market conditions. It remains unknown when the company will restore the service.

  • The latest firm in the cryptocurrency field to reveal issues on its platform is the Thai exchange Zipmex. In a recent tweet, it disclosed that users are not allowed to make any withdrawals due to circumstances beyond the company’s control. The service will remain unavailable until “further notice.”
  • Zipmex refers to itself as “Asia’s leading digital asset exchange.” It supposedly has over two million users and provides access to assets like Bitcoin, Ethereum, and its own Zipmex token.
  • It is worth noting that the news about the halted customer withdrawals negatively affected Zipmex (ZMT). In a matter of hours, it lost nearly 20% of its USD valuation and is currently trading at $0.48.
  • This comes after multiple firms experienced similar challenges – including Celsius. The popular DeFi platform paused withdrawals, swaps, and transfers between accounts, which led to panic in the sector and a collapse of the market.
  • It’s also worth noting that not so long ago, the CEO of FTX – Sam Bankman-Fried – warned that many lower-tier exchanges are already secretly insolvent.
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