Cryptocurrencies
Crypto Exchange Zipmex Halts Withdrawals, Citing ‘Partners’
- Company cites key business partners’ ‘financial difficulties’
- Zipmex’s ZipUp+ account offers yields of as much as 10%
Zipmex advertisement in Jakarta.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
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 discussing confidential matters. A spokesperson at Babel did not respond to a request for comment.