Zipmex has become the latest cryptocurrency platform for stopping customer withdrawals.
In a tweet, the company cited unstable market conditions and “financial difficulties of major business partners” as reasons for the suspension.
Due to the combination of our uncontrolled conditions, including volatile market conditions, and the resulting financial difficulties of our key business partners, we withdraw until further notice to maintain the integrity of our platform. To pause.
— ZIPMEX (@zipmex) July 20, 2022
However, the company has not identified any business partners facing the financial crisis.
Zipmex also does not provide information about when users can resume withdrawals.
Zipmex Finances
Founded in 2018, Zipmex Cryptographic Exchange serves all of Southeast Asia, including Singapore, Thailand, Indonesia and Australia. Headquartered in Singapore, the exchange is not licensed by the Monetary Authority of Singapore (MAS).
In August 2021, Zipmex raised $ 41 million in a Series B funding round. Investors include Krungsri Finnovate, the venture capital division of Bank of Ayudhya, a subsidiary of Mitsubishi UFJ Financial Group (MUFG) in Japan, which is the fifth largest bank in Thailand in terms of asset size, and Plan, a multimedia company listed in Thailand. Includes B Media and Master Ad (MACO). At the time, Zipmex said it would reach a valuation of $ 1 billion in the coming months.
In September 2021, Zipmex raised an additional $ 11 million as part of the Series B round. As of June 2022, Coinbase Agreed on strategic investment At Zipmex, the company was working on a Series B + round with a $ 400 million valuation.
Freezing tendency
Since last month, some crypto platforms have banned customers from leaving due to market volatility. This includes Celsius Network and Voyager Digital before both companies filed for bankruptcy.
Babel Finance and CoinFLEX have also suspended their withdrawals, but CoinFLEX has since resumed withdrawals with a 10% limit.
