Zipmex to ease some bitcoin, ether withdrawals after altcoins

Zipmex to ease some bitcoin, ether withdrawals after altcoins

FILE PHOTO: Representations of cryptocurrencies are seen in this illustration taken Jan 24, 2022. (Reuters)
FILE PHOTO: Representations of cryptocurrencies are seen in this illustration taken Jan 24, 2022. (Reuters)

Asia crypto exchange Zipmex Pte will allow users to partially withdraw Bitcoin and Ether from their trading accounts starting later this week, providing some relief to those caught by the recent meltdown in the digital asset market.

Zipmex, which halted withdrawals in July due to a liquidity crunch after its exposure to troubled Babel Finance went bad, will let users withdraw part of their Ether from Aug 11 and Bitcoin from Aug 16 from Zipmex’s Z Wallet, according to the company’s spokesperson. This means around 60% of users will get some of their tokens back, the spokesperson said.

The move comes after Zipmex recently started to unlock some altcoins. The firm eased the withdrawals of Solana’s SOL, Ripple’s XRP and Cardano’s ADA starting last week. These steps follow Thailand’s Securities & Exchange Commission order to Zipmex’s Thai unit to lift a freeze on some digital coins. 

The crypto exchange, that also operates in Singapore, Indonesia and Australia, is one of several crypto firms hit by a $2 trillion meltdown in the market that has forced many players to halt withdrawals and some to file for bankruptcy.

Zipmex has filed for a moratorium in Singapore for protection from creditors against any lawsuits and to buy time for raising funds. The court hearing for moratorium is due on Aug 15 in the city-state.

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