Crypto Exchange Zipmex Resumes Certain Altcoin Withdrawals

Crypto exchange Zipmex has now resumed withdrawals for a few altcoins apart from Bitcoin and Ethereum. So far, there are no updates about Bitcoin and Ethereum withdrawals. The halt in withdrawals on Zipmex happened after the two other exchanges Babel and Celsius froze withdrawals.

The crypto exchange has now started to allow users to withdraw some token from their trading accounts. Zipmex has also mentioned a timeline for withdrawals of Solana, XRP and Cardano from the trading wallets. Market movers such as Bitcoin and Ethereum still remain locked in.

The crypto exchange operates in Thailand, Singapore, Indonesia and also Australia and had paused withdrawals stating,

Volatile market conditions, and the resulting financial difficulties of our key business partners.

Sometime last week, Thailand’s Securities & Exchange Commission had passed an order to the Zipmex Thailand unit asking them to resume withdrawals on some digital coins. According to the timeline, Solana tokens will be delivered on Tuesday, while XRP withdrawals have to wait till Thursday, Cardano however will be made available for withdrawals on the same day as Solana’s.

Crypto Exchange Zipmex In Working To Get Deposits Back

Zipmex has a tie up with both Celsius and Babel and it has mentioned that both of these companies are of reputable status given the financial backing. It also stated that the due diligence regarding this case has been assured.

At the moment the company is continuing the recovery of the deposits from Babel Finance. Along with this, the crypto exchange also ensured that the rumours regarding the bankruptcy happens to be false. It clarified that it has filed for a moratorium with the Singapore court.

This ensures that Zipmex has enough time to look into the issues and decide on an acceptable outcome for the customers. In order to address the ongoing crisis around the liquidity, it is working with Celsius and Zipmex to figure out a rescue package with the investors.

Zipmex quoted,

We promised to resolve the Z Wallet situation and resume services. That’s why after having stabilized the situation we’re releasing unaffected digital assets namely: ADA, SOL, and XRP into users’ Trade Wallets starting tomorrow, 2 August 2022.

Road To Recovery

An anonymous shareholder of Zipmex has made an additional investment in the firm’s native token. This was done to provide support to the company by boosting investor confidence. It is also ensuring that the development of the token remains on track.

Although the crypto exchange has not said anything about Bitcoin and Ethereum withdrawals, the move to unfreeze a selected number of cryptos is a positive step towards recovery. In the month of July, co-founder Akalarp Yimwilai in a Youtube video was in supposed negotiations with interested investors.

Regarding the same, the company mentioned that the negotiations are still underway but the potential investors have now entered a non-disclosure agreement after it had scrutinised the exchange’s financials. There is no official statement yet about the result of such negotiations.

Related reading | Winter Came For House Zipmex: Exchange Becomes Latest To Halt Withdrawals

Bitcoin was priced at $23,300 on the four hour chart | Source: BTCUSD on TradingView
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