Zipmex crypto exchange has now resumed withdrawals for a few altcoins apart from Bitcoin and Ethereum. So far, there are no updates on Bitcoin and Ethereum withdrawals. The halt in withdrawals on Zipmex happened after the other two exchanges Babel and Celsius froze withdrawals.
The crypto exchange has now started allowing users to withdraw tokens from their trading accounts. Zipmex also mentioned a timeline for Solana, XRP and Cardano withdrawals from trading wallets. Market engines such as Bitcoin and Ethereum remain stuck.
The crypto exchange operates in Thailand, Singapore, Indonesia and also Australia and had suspended withdrawals stating,
Volatile market conditions and resulting financial difficulties for our major trading partners.
Last week, the Securities & Exchange Commission of Thailand issued an order to the Zipmex Thailand unit asking them to resume withdrawals on certain digital coins. According to the schedule, Solana tokens will be delivered on Tuesday, while XRP withdrawals have to wait until Thursday, however Cardano will be made available for withdrawals on the same day as Solana.
Crypto Exchange Zipmex Works To Recover Deposits
Zipmex has a connection with Celsius and Babel and he mentioned that these two companies have a reputable status given the financial backing. He also said that due diligence regarding this matter had been carried out.
Currently, the company is pursuing the recovery of deposits from Babel Finance. Along with this, the crypto exchange has also assured that the rumors regarding bankruptcy are false. He said he had requested a moratorium from the Singapore court.
This ensures that Zipmex has enough time to review issues and decide on an acceptable outcome for customers. In order to deal with the current crisis around liquidity, he is working with Celsius and Zipmex to find a rescue plan with investors.
We promised to resolve the Z Wallet situation and resume services. Therefore, after stabilizing the situation, we are releasing unaffected digital assets, namely: ADA, SOL and XRP in users’ trading wallets starting tomorrow, August 2, 2022.
Road to recovery
An anonymous Zipmex shareholder made an additional investment in the company’s native token. This was done to provide support to the company by boosting investor confidence. It also ensures that the development of the token stays on track.
Although the crypto exchange has not said anything about Bitcoin and Ethereum pullbacks, the decision to unfreeze a select number of cryptos is a positive step towards recovery. In July, co-founder Akalarp Yimwilai in a Youtube video was supposedly in negotiations with interested investors.
Regarding the same, the company mentioned that the negotiations are still ongoing, but the potential investors have now entered into a non-disclosure agreement after reviewing the financials of the exchange. There is no official statement yet on the outcome of these negotiations.
Featured image from HeapTalk, chart from TradingView.com