Zipmex Resumes Withdrawals on Bitcoin and Ether, But Some Restrictions Remain
Bitcoin

Zipmex Resumes Withdrawals on Bitcoin and Ether, But Some Restrictions Remain

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3 months ago

The Thai Securities Exchange Commission has been seeking information on how many customers have been affected.

Zipmex Resumes Withdrawals on Bitcoin and Ether, But Some Restrictions Remain

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Zipmex has announced that it will allow users to partially withdraw the Bitcoin and Ether in their accounts.

ETH withdrawals will be permitted from Thursday, while access to Bitcoin will resume from next Tuesday.

However, Zipmex officials have warned that there will be a cap on the amount of crypto that each user can claim.

Last week, the embattled crypto exchange had also allowed its users to start withdrawing Solana, XRP and Cardano.

Officials claim that the relaxed rules mean 60% of Zipmex users will be made whole — and regulators have been urging the company to lift withdrawal restrictions.

A number of crypto lenders have been forced to freeze withdrawals — blaming "recent market conditions" for the drastic move.

But in some cases, they've had exposure to other businesses that have collapsed — and in Zipmex's case, this was Babel Finance.

The Singaporean trading platform is owed $48 million by Babel, and a further $5 million by Celsius.

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