Zipmex, a crypto exchange based in Singapore, has joined a long line of crypto companies that have halted withdrawals on their platform. As always, the reason given involves the current bearish and adverse crypto market conditions.
Zipmex has branches in Thailand, Australia, and Indonesia. The trading platform provides a range of services, including interest-bearing accounts and crypto spot trading. According to CoinMarketCap, its trading volume amounted to $5,4 million when the news was announced.
Before it encountered financial difficulties, Zipmex had plans to expand in Southeast Asia. The company received $52 million through Series B funding, as well as an undisclosed investment from Coinbase.
This news comes after another Singapore platform, Vauld, stopped all trading operations, in early July. Unsurprisingly, this also happened due to the crypto winter.