A few days ago, one of the leading crypto exchanges in Southeast Asia – Zipmex – froze clients’ withdrawals due to circumstances beyond the firms’ control, such as volatile market conditions. The platform explained that the move aimed to preserve its integrity.
Less than 24 hours later, Zipmex resumed all customer operations apart from trading. It is worth noting that ZipUp accounts remained disabled until further notice.
In addition to its announcement, the exchange admitted having a $48 million and $5 million exposure to troubled crypto lending platforms Babel Finance and Celsius Network.
In a recent tweet, Zipmex revealed it has been conducting multiple discussions with “interested parties” that could provide a possible solution for its distressed activity. One of those has even offered terms in a Memorandum of Understanding (MOU).
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