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Cryptocurrency alternate Zipmex has halted withdrawals attributable to “risky market circumstances, and the ensuing monetary difficulties of our key enterprise companions.” The alternate operates in Singapore, Australia, Indonesia, and Thailand.
Zipmex Pauses Withdrawals
Crypto alternate Zipmex, which operates in Singapore, Australia, Indonesia, and Thailand, has change into the newest crypto firm to halt withdrawals. The platform described itself as “Asia’s main digital asset alternate offering you excessive liquidity and insurance coverage in your belongings.”
On Wednesday, Zipmex introduced by way of Twitter that “attributable to a mixture of circumstances past our management together with risky market circumstances, and the ensuing monetary difficulties of our key enterprise companions … we might be pausing withdrawals till additional discover.”
One of many companies Zipmex supplies is Zipup+ which provides as much as 10% annual rewards on cryptocurrency, based on its web site. This system provides 5 VIP ranges. The fundamental VIP degree provides 6% APY whereas the best degree, VIP 4, provides as much as 10% APY. “Make your crypto work laborious, so you may stay simple. Rise up to 12% APY in your crypto whenever 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), considered one of 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 alternate in Thailand. Nonetheless, the platform isn’t registered in Singapore to offer digital fee token (DPT) companies.
“The Financial Authority of Singapore (‘MAS’) requires us to offer this danger warning to you as a buyer of Zipmex. Earlier than you pay Zipmex any cash or DPT, you have to pay attention to the next,” Zipmex disclosed on its web site, warning:
Zipmex isn’t at the moment licensed by MAS to offer DPT companies. Which means that you will be unable 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 alternate Zipmex halting withdrawals? Tell us within the feedback part beneath.
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