reuters default 8 Southeast Asian crypto exchange Zipmex suspends withdrawals: what you need to know

Southeast Asian crypto exchange Zipmex suspends withdrawals: what you need to know

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– Zipmex, a Southeast Asia-focused cryptocurrency exchange, has suspended withdrawals, citing “volatile market conditions and the resulting financial difficulties of our key business partners”.

– Zipmex Thailand CEO Akalarp Yimwilai told an online livestream that the local affiliate’s difficulties stemmed from problems at Singapore-based Zipmex Global, whose partners, including Babel Finance and Celsius, were experiencing liquidity problems.

– Zipmex Global and its CEO did not immediately respond to requests for comment.

– The relationship between Zipmex Global and Zipmex Thailand was not immediately clear. Akalarp said Zipmex Thailand had resumed operations apart from transactions linked to one investment product.

– U.S.-based Celsius did not immediately respond to a request for comment sent outside U.S. office hours. The company filed for Chapter 11 protection on July 13, listing a $1.19 billion deficit on its balance sheet.

– Crypto financial services provider Babel Finance suspended withdrawals in June. The company did not immediately comment on Akalarp’s remarks.

– The two are among several crypto players that have fallen into difficulties in recent months.

– Singapore-based crypto fund Three Arrows Capital is in liquidation, prompting expectations in Singapore’s crypto sector of further restructuring and greater regulatory scrutiny.

– The Monetary Authority of Singapore had no immediate comment on Zipmex’s situation.

– The Thai Securities and Exchange Commission said it had asked Zipmex Thailand to explain its situation. Akalarp said it had done so.

– Indonesia’s government said it would ask Zipmex Indonesia to ensure that its crypto asset trading is safeguarded from the impact of the situation at Zipmex Global.

– In a separate incident, South Korean prosecutors said they had carried out search and seizure operations at local crypto-currency exchanges looking for evidence of potentially illegal practices related to Luna’s collapse.


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