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As the crypto winter draws upon, Singapore-based crypto exchange Zipmex becomes the latest to halt withdrawals on the platform. The cryptocurrency exchange also has major operations in Thailand.
Zipmex (Thailand) chief executive Akalarp Yimwilai, said that Zipmex has to succumb to financial difficulties owing to its exposure to troubled crypto lenders like Celsius Networks and Babel Finance. The official announcement reads:
“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”.
Alike Celsius, troubled crypto lender Babel Finance froze withdrawals last month in June. Reportedly, Zipmex has lent a staggering $100 million in funds to the beleaguered Balabel Finance.
As per Bloomberg, Akalarp said that the company is in talks to raise funds for the bailout, on a YouTube video that has now been removed.
