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.
Zipmex, a cryptocurrency exchange operating in markets like Singapore and Thailand, said it halted withdrawals as a series of defaults continues to haunt the digital-assets industry.
In a tweet Wednesday, the company cited “volatile market conditions, and the resulting financial difficulties of our key business partners” as reasons for its decision. A person with direct knowledge of the matter said Zipmex’s pause stemmed from the platform’s exposure to troubled crypto lender Babel Finance. The person declined to be identified as discussing confidential matters. A spokesperson at Babel did not respond to a request for comment.
