The Thai Cryptocurrency Exchange announced the resumption of deposit and withdrawal operations on the platform.
The Zipmex exchange announced that the resumption of deposit and withdrawal operations will begin at 18:00 (GMT +7) on July 21. At the same time, trading operations with crypto assets will not be available until a special order from the company.
A day earlier, the CEO of the crypto exchange, Marcus Lim, announced the suspension of the withdrawal of funds, citing “volatile market conditions and the resulting financial difficulties of key business partners.”
Crypto community experts suggest that one of the reasons for the temporary cessation of operations could be the agreement on the terms of cooperation with the major American cryptocurrency exchange Coinbase. Coinbase previously planned to buy Zipmex, but after the deal fell through, the US exchange held a round of “strategic investment in the company.”
Another factor that influenced the decision of the Thai site to temporarily suspend operations was the start of claims work against Babel Finance and Celsius Network. Although the Zipmex exchange has repeatedly told customers that the company has no financial problems, top management draws the attention of users to the measures they are taking to return frozen assets.
Zipmex explained that as of July 21, the company’s total claims against Babel Finance were $48 million, and against Celsius Network $5 million. The platform is considering several options for claim work, including raising funds, initiating bankruptcy or restructuring litigation.
In April, the Zipmex cryptocurrency exchange signed partnership agreements with the Australian Football A-League and the National Rugby League.
