Cryptocurrency change Zipmex has halted withdrawals because of “unstable market circumstances, and the ensuing monetary difficulties of our key enterprise companions.” The change operates in Singapore, Australia, Indonesia, and Thailand.
Zipmex Pauses Withdrawals
Crypto change Zipmex, which operates in Singapore, Australia, Indonesia, and Thailand, has turn out to be the newest crypto firm to halt withdrawals. The platform described itself as “Asia’s main digital asset change offering you excessive liquidity and insurance coverage in your belongings.”
On Wednesday, Zipmex introduced through Twitter that “because of a mixture of circumstances past our management together with unstable market circumstances, and the ensuing monetary difficulties of our key enterprise companions … we’d be pausing withdrawals till additional discover.”
One of many companies Zipmex gives is Zipup+ which affords as much as 10% annual rewards on cryptocurrency, in response to its web site. This system affords 5 VIP ranges. The essential VIP degree affords 6% APY whereas the very best degree, VIP 4, affords as much as 10% APY. “Make your crypto work exhausting, so you possibly can dwell simple. Rise up to 12% APY in your crypto while you deposit with Zipmex. Versatile phrases. No minimums,” Zipmex wrote.
In August final 12 months, the corporate raised $41 million with participation from the Financial institution of Ayudhya (Krungsri), one in all Thailand’s largest banks. In the identical month, Zipmex introduced that it teamed up with Visa to launch the Zipmex card.
Zipmex is a licensed cryptocurrency and digital token change in Thailand. Nevertheless, the platform shouldn’t be registered in Singapore to supply digital fee token (DPT) companies.
“The Financial Authority of Singapore (‘MAS’) requires us to supply this danger warning to you as a buyer of Zipmex. Earlier than you pay Zipmex any cash or DPT, you should concentrate on the next,” Zipmex disclosed on its web site, warning:
Zipmex shouldn’t be at present licensed by MAS to supply DPT companies. Which means that you won’t be able to recuperate all the cash or DPTs you paid to Zipmex if Zipmex’s enterprise fails.
This month, crypto lenders Celsius Community and Voyager Digital halted withdrawals and subsequently filed for chapter safety. Babel Finance additionally suspended withdrawals in June, following troubles at crypto hedge fund Three Arrows Capital (3AC).
What do you consider crypto change Zipmex halting withdrawals? Tell us in the feedback part under.
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