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Cryptocurrency alternate Zipmex has halted withdrawals because of “risky market circumstances, and the ensuing monetary difficulties of our key enterprise companions.” The alternate operates in Singapore, Australia, Indonesia, and Thailand.
Zipmex Pauses Withdrawals
Crypto alternate Zipmex, which operates in Singapore, Australia, Indonesia, and Thailand, has turn into the most recent crypto firm to halt withdrawals. The platform described itself as “Asia’s main digital asset alternate offering you excessive liquidity and insurance coverage in your belongings.”
On Wednesday, Zipmex introduced through Twitter that “because of a mixture of circumstances past our management together with risky market circumstances, and the ensuing monetary difficulties of our key enterprise companions … we might be pausing withdrawals till additional discover.”
One of many companies Zipmex offers is Zipup+ which presents as much as 10% annual rewards on cryptocurrency, in response to its web site. This system presents 5 VIP ranges. The essential VIP stage presents 6% APY whereas the very best stage, VIP 4, presents as much as 10% APY. “Make your crypto work exhausting, so you possibly can dwell simple. Rise up to 12% APY in your crypto if you deposit with Zipmex. Versatile phrases. No minimums,” Zipmex wrote.
In August final 12 months, the corporate raised $41 million with participation from the Financial institution of Ayudhya (Krungsri), one in all Thailand’s largest banks. In the identical month, Zipmex introduced that it teamed up with Visa to launch the Zipmex card.
Zipmex is a licensed cryptocurrency and digital token alternate in Thailand. Nevertheless, the platform is just not registered in Singapore to supply digital cost token (DPT) companies.
“The Financial Authority of Singapore (‘MAS’) requires us to supply this danger warning to you as a buyer of Zipmex. Earlier than you pay Zipmex any cash or DPT, you have to concentrate on the next,” Zipmex disclosed on its web site, warning:
Zipmex is just not presently licensed by MAS to supply DPT companies. Which means you will be unable to recuperate all the cash or DPTs you paid to Zipmex if Zipmex’s enterprise fails.
This month, crypto lenders Celsius Community and Voyager Digital halted withdrawals and subsequently filed for chapter safety. Babel Finance additionally suspended withdrawals in June, following troubles at crypto hedge fund Three Arrows Capital (3AC).
What do you consider crypto alternate Zipmex halting withdrawals? Tell us within the feedback part under.
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