The Thai cryptocurrency exchange Zipmex has enabled withdrawals from the Trade Wallet.
📣 Important Announcement📣
Maintenance on the Trade Wallet has ended. Withdrawals for your Trade Wallet are now enabled as of 22 July 2022 at 18:00 (GMT+7).
Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice. pic.twitter.com/voMInELlH5
— ZIPMEX (@zipmex) July 22, 2022
The platform uses two kinds of wallets: Trade Wallet and Z Wallet. The former allows fiat and digital currencies to be deposited for trading. The latter provides access to all Zipmex products and services such as bonuses, earning new tokens, and other exclusive offers.
“Technical maintenance on the wallet is complete. Withdrawals for your Trade Wallet are authorised as of 18:00 (GMT+7) on July 22, 2022. Transfers from Z Wallet, deposits and trading remain disabled until further notice,” the statement said.
On July 20 the exchange paused withdrawals. The company cited independent ‘circumstances’, including ‘unstable market conditions and the financial difficulties arising for its key business partners’.
Later, Zipmex announced that as of July 21 the amount of claims against Babel Finance and Celsius Network in liquidity distress stands at $48 million and $5 million respectively. The company said it was considering “several recovery options,” including raising funds, initiating legal action and restructuring.
That same day, the platform announced the opening of deposits and withdrawals for Trade Wallet.
In 2021 Zipmex raised $41 million with plans to expand its user base in Singapore and Australia. Investors included the Bank of Ayudhya, the fifth-largest asset bank of Thailand, as well as media companies and venture funds.
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