Zipmex, a cryptocurrency trading platform based in Thailand, may be able to resolve its issues with the assistance of a future partner. The exchange, which halted withdrawals last week, has met with "various interested parties," and some may be able to offer a rescue plan.

The crypto exchange recently froze client withdrawals due to circumstances beyond the firms' control, such as volatile market conditions. The platform stated that the change was made to maintain its integrity.

Except for trading, Zipmex resumed all customer operations less than 24 hours later. It's worth noting that ZipUp accounts are still disabled until further notice.

The regulator demanded to disclose the value of customer assets under custody in an official press release on its website. It also demanded that the company "prove the digital assets of customers deposited in the ZipUp program to invest in various platforms."

In addition to its announcement, the exchange admitted to having $48 million and $5 million exposure to troubled crypto lending platforms Babel Finance and Celsius Network, respectively.

Zipmex revealed in a recent tweet that it has been in multiple discussions with "interested parties" about a possible solution for its distressed activity. One of them has even proposed terms in the form of a Memorandum of Understanding (MOU).

The exchange bills itself as "Asia's leading digital asset exchange," with over two million users and access to assets such as Bitcoin (BTC), Ethereum (ETH), and its own Zipmex (ZMT) token. The latter's price has been in freefall since news of the frozen withdrawals broke. It is currently trading at around $0.30 (50 percent less than last week's valuation).


Jul 25, 2022
Crypto News

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