Crypto Exchange Zipmex Resumes Withdrawals On Trading Wallet, Full Operations Remain Halted – Ethereum World News

Summary:

  • Trading on Zipmex partially resumed today, per an update from the crypto exchange.
  • Maintenance on the platform’s “Trading wallet” concluded on Friday and users can now leverage the feature.
  • The wallets allow customers to deposit fiat currency and digital assets.
  • Zipmex’s Z wallet, a dedicated feature to incentivize deposits, remains suspended for traders.
  • It is unclear when or if full operations will resume shortly.
  • Zipmex previously disabled withdrawals earlier this week citing financial difficulties.
  • CEO Marcus Lim stressed that the crypto exchange was not insolvent despite swelling rumors.
  • Zipmex had exposure to troubled crypto lenders Babel Finance and Celsius, per reports. 

Southeast Asian-based crypto exchange Zipmex has resumed partial operations and given the green light for withdrawals on one of its wallets after the platform halted the feature earlier this week, citing volatile market conditions and financial difficulties.

As EthereumWorldNews reported, the crypto exchange announced a freeze on user funds on July 20, 2022. Zipmex leverages a two-wallet system on its platform and the update affected both wallets. The wallets are known as the trading wallet and the Z wallet.

The trading wallet supports deposits for fiat currencies and cryptocurrencies, while the Z wallet is designed to incentivize deposits by offering rewards and bonuses on such transactions. 

According to Friday’s update, only operations on the trading wallet have been enabled. Z wallet functionality remains unavailable at press time.

Zipmex Crypto Exchange Exposed To Babel And Celsius 

CEO of the crypto exchange Marcus Lim denied claims that Zipmex was battling insolvency. Lim revealed that the exchange received a strategic investment from Coinbase. 

However, the digital asset platform does have exposure to beleaguered crypto lenders as revealed by Bloomberg. The report disclosed that Zipmex has a $48 million exposure to Babel and a $5 million exposure to Celsius. 

Notably, trading on Celsius remains halted as the crypto lender is faced with liquidation.

Thai SEC Mulls Tighter Rules After Crypto Exchange Zipmex Freezes Funds

Following the Zipmex news, Thailand’s Security and Exchange Commission (SEC) reportedly plans to install more rigid regulations around crypto. The agency’s Secretary-General Ruenvadee Suwanmongkol said the main focus is to protect small investors amid extremely volatile digital asset prices.

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