It seems that almost daily, different crypto exchanges are announcing the suspension of withdrawals.
Zipmex, a Singapore-based crypto exchange founded in 2018 by Marcus Lim and Akalarp Yimwilai, announced the suspension of withdrawals “until further notice”.
The crypto exchange company operates mainly in the Asia-Pacific region, and is a popular crypto exchange platform in Thailand, Australia, Indonesia, and Singapore.
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On July 20, the company took to Twitter to share the news, claiming that the decision was made due to “volatile market conditions”.
The company is not the only one taking such drastic measures to survive the bear market. In June, Celsius, Vault, Babel Finance, Finblox, and CoinFLEX followed the same footsteps and limited their withdrawals. In the case of Celsius, the company firstly halted its withdrawals, resulting in filing for Chapter 11 bankruptcy.
Earlier this year, crypto exchange giant Coinbase sought to purchase Zipmex however, the deal was not completed. According to sources, Coinbase decided to make reasonable investments and postpone the purchase. The CEO and Co-founder of Zipmex claim that the changes were made due to an unstable market.
The acquisition fell through due to market conditions. They've pulled out in many countries around the world such as Turkey and in Latin America. Coinbase is a great strategic partner to the business.
In an already-deleted Youtube video, the company’s chief executive Akalarp Yimwila claimed that the crypto exchange is currently talking with various partners to raise funds for a “bailout”.
No official information about the success of these talks has reached the public. However, the Zipmex investors didn’t have to wait for too long to hear the news.
On July 21, around noon Bangkok time, the company shared news about renewing the ability to withdraw. However, keeping the option to trade, unavailable.
Last year, the crypto exchange received $41 million worth of investment from the Bank of Ayudhya. It is assumed that currently, Zipmex is working towards Series B+ funding, which can make its value up to $400 million.
