Zipmex, a Singapore-based cryptocurrency exchange with operations in Indonesia, Thailand, Singapore and Australia, has suspended withdrawals, until further notice. 

The exchange in a tweet cited financial difficulties brought on by the volatility in the crypto markets, as the reason behind the decision. 

“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,” the tweet read. 

Early reports stated that Akalarp Yimwilai, CEO of Zipmex Thailand, in a livestream said that their office’s difficulties were caused by issues at Singapore-based Zipmex Global, whose partners, including Babel Finance and Celsius, were having liquidity issues.

In the midst of a global sell-off in cryptocurrency markets, various exchanges have made similar decisions in the past couple of months. In June, Babel Finance, a crypto financial services provider, suspended withdrawals. Similarly, Vauld, another Singapore-based crypto lender, halted all its operations citing financial difficulties earlier this month. The prominent crypto lending platform Celsius Network too paused operations and has filed for bankruptcy. 

The exchange was launched in September 2019 and is based in Singapore and Thailand. It is ranked 187 among crypto exchanges worldwide and has a daily trading volume of around $5 million, according to CoinMarketCap. The company’s native token, ZMT, has lost more than 90 per cent of its value since reaching an all-time high of $5.88.

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