Zipmex, a digital assets exchange with operations in Singapore, Australia, Indonesia and Thailand, said on Twitter that it “would be pausing withdrawals until further notice.”
The Singapore-headquartered company cited a “combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners.”
Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.
— ZIPMEX (@zipmex) July 20, 2022
Zipmex is not the only crypto exchange that has run into difficulties amid a global sell off in crypto markets. Crypto unicorn Babel suspended withdrawals in June, while Celsius, one of crypto’s biggest lenders, filed for bankruptcy a week ago.
Vauld, another Singapore-based crypto platform, suspended withdrawals, trading and deposits due to financial challenges earlier this month.
TechCrunch has reached out to Zipmex for comment and will update this story if we hear back from them. Reuters reports that in a livestream on Wednesday evening, Zipmex Thailand CEO Akalarp Yimwilai said its office’s difficulties were because of problems at Singapore-based Zipmex Global, whose partners Babel Finance and Celsius, were experiencing liquidity problems.