Crypto exchange Zipmex halts withdrawals due to “market conditions”. The Thai crypto exchange Zipmex becomes the latest victim of the bear market as they halt withdrawals.
Zipmex Pausing Withdrawals
Just recently, Zipmex announced through their Twitter that they have paused all withdrawals on its platform due to a number of “circumstances beyond their control.“
Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.
— ZIPMEX (@zipmex) July 20, 2022
They explained that the volatile market conditions have caused some of their key business partners to suffer from financial difficulties. This in turn makes it difficult for their own platform to function well, causing them to make the decision to pause crypto withdrawals.
Before this announcement, the exchange was rumoured to have been suffering with financial difficulties, that rumour has since been denied by the CEO. However, with the exchange halting withdrawals, many in the community can’t help but to assume the rumour to be true.
Failed Coinbase Acquisition
Earlier this year, Zipmex received an offer by Coinbase to acquire the crypto exchange platform, however, the acquisition fell through on June 9th. Instead, it is said that Coinbase made a “strategic investment” into the company.
“The acquisition fell through due to market conditions. They’ve pulled out in many countries around the world such as Turkey and in Latin America. Coinbase is a great strategic partner to the business.” Explained Marcus Lim, the CEO and co-founder of Zipmex.
Zipmex follows in the footsteps of many other crypto exchanges that have halted withdrawals due to market conditions, including Vauld and the now bankrupt Celsius Network.