Zipmex resumes altcoin withdrawals after freezing crypto withdrawals on its platform for a while now. It happened after major exchanges like Celsius and Babel froze their crypto withdrawals. However, Zipmex is now enabling altcoin withdrawals once again. Not all altcoins are yet open for withdrawals, as Bitcoin and Ethereum can’t be taken out for now. Zipmex will soon add some of the other well-known coins like Solana, XRP, and ADA to the list of coins for withdrawals.
Why did Zipmex pause withdrawals?
The exchange cited the reason as a problem with their major business partners to stop crypto withdrawals. They also talked about the current market conditions and volatility that pushed them to do this. Currently, crypto exchange Zipmex operates in Indonesia, Thailand, Singapore, and Australia. The platform will soon enable all popular coins for withdrawals on a strict timeline.
Zipmex was involved with Celsius and Babel
Both of these platforms have been facing issues as major withdrawals happened from their platform, and they also had to stop them. Celsius has already filed for bankruptcy, and Zipmex is trying to get its funds back from Babel finance. They also ensured investors that the exchange is not bankrupt, and like Vauld, they have also filed for a moratorium. This will give them protection from lawsuits from creditors and time to restructure and plan for the future.
Zipmex made a statement saying that they would resolve the issues with services and wallets. And they are already unlocking coins that were not affected by the crisis. The company has also received an investment in its native token from a shareholder to boost investor confidence. So, we can be positive about Zipmex and its future plans.
More about Zipmex
Zipmex was founded back in August 2018 by Akalarp Yimwilai and Marcus Lim. It has its headquarters in APAC, ASEAN, and Southeast Asia. They are a digital-asset platform that offers options for buying, selling, and trading crypto. Zipmex also lets users earn crypto rewards on transactions. Its platform has a rating of 4.3 on the Google Playstore and 4.7 on Apple’s AppStore.
What are your thoughts as Zipmex resumes altcoin withdrawals for certain coins? And do you think Bitcoin and Ethereum withdrawals will be unfrozen soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.