Singapore-based cryptocurrency exchange Zipmex has actually frozen withdrawals due to tough market conditions and monetary concerns surrounding crypto monetary company, Babel Financing.
The Southeast Asian exchange runs financial investment services and crypto trading in Singapore, Australia, Indonesia and Thailand.
In a tweet the other day, the exchange stated: “Due to a mix of scenarios beyond our control consisting of unstable market conditions, and the resulting monetary problems of our crucial company partners, to preserve the stability of our platform, we would be stopping briefly withdrawals till additional notification.”
After providing funds to Babel Financing in June when the exchange stopped withdrawals, Zipmex took a loss of around $100m, according to market sources.
This followed the crash and liquidity concerns of a number of business leaving the cryptocurrency sector in Singapore under danger.
Crypto loan provider 3 Arrows Capital just recently declared insolvency after the collapse of its fund, followed by its 3 creators being stated missing out on prior to a court hearing.
In Addition, Celsius Network and Voyager Digital both validated insolvency, while Vauld suspended all deals.
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