The Zipmex cryptocurrency exchange on Wednesday blocked users from taking direct custody of their coins, citing volatile market conditions.
“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 exchange announced on Twitter.
Several crypto platforms and lending firms, including Celsius and Babel Finance, have taken similar steps in recent weeks, blaming market turbulence and resulting counterparty risks. Early this month, Celsius filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.
Established in 2018, Zipmex offers crypto trading and investment services in Thailand, Indonesia, Singapore and Australia.
Last year, the exchange raised $41 million with investment from the Bank of Ayudhya, one of Thailand’s largest banks. As of June, Coinbase had agreed to make a strategic investment in Zipmex and the Singapore-headquartered entity was working on a Series B+ raise projected to raise its valuation to $400 million.
