Cryptocurrency exchange “Zipmex” suspends withdrawals…Details here

Cryptocurrency exchange “Zipmex” suspends withdrawals…Details here

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Answer Cryptocurrency exchange “Zipmex” suspends withdrawals…Details here

Singapore-based Zimpex suspended withdrawals from its platform on Wednesday, citing a combination of circumstances that were beyond its control.

in Tweet From a cryptocurrency trading company, the company highlighted the volatile market conditions and financial difficulties generated by major trading partners that prompted it to take such drastic action.

Although the company did not provide further details about the move, it did not specify how long the withdrawal process will be pending.

Read:The Stellar currency rose by 20% after it was announced that half of its supplies were burned

Quoted from the company’s tweet in this regard:

Due to a range of circumstances beyond our control including volatile market conditions, and financial difficulties arising from our major trading partners, to maintain the integrity of our platform, we will be temporarily suspending withdrawals until further notice.

Crypto winter is hard on crypto companies:

Cryptocurrency exchange “Zipmex” operates in several countries in the Asia Pacific region.

Although it is spread in several regions (Singapore, Australia and Indonesia), it is more popular in Thailand.

Earlier, Zimpex attracted the interest of Coinbase, which was aiming to acquire it in the first quarter of this year.

But later the deal failed, and the US company ended up making an undisclosed strategic investment in its Asian counterpart.

The investment came as part of a Series B+ funding round for the $400 million cryptocurrency exchange.

The company previously raised $52 million from backers such as B Capital, Ventures, MindWorks Capital and Master Ad.

After the acquisition collapsed, Marcus Lim, co-founder and CEO of Zimpex, blamed market conditions and highlighted that Coinbase had followed the same strategy in many other markets as well.

Read:As the Bitcoin price drops…institutional investors are buying more Bitcoin

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