Crypto exchange allows users to withdraw Solana, XRP, Cardano among other tokens
Asia crypto exchange Zipmex Pte has planned to allow its users to withdraw some tokens from their trading accounts. The exchange has set a timeline for withdrawals of cryptocurrencies, which include Solana’s SOL, Ripple’s XRP and Cardano’s ADA, from Zipmex’s Z Wallet.
SOL tokens will be released on August 2, as the company later on Tuesday updated that Solana has been credited to the Trade Wallet. Meanwhile, XRP will be released on August 4 and ADA on August 9, the crypto exchange said. However, withdrawals from Zipmex’s return-based program ZipUp+ remain suspended. Also, top cryptos including Bitcoin and Ether remain locked, the company said in a statement.
Zipmex, which operates in Thailand, Singapore, Indonesia and Australia, filed for bankruptcy last week after it halted withdrawals in July, citing volatile market conditions and the resulting financial difficulties of its key business partners. Last week, Thailand’s Securities & Exchange Commission ordered Zipmex’s Thai unit to lift a freeze on some digital coins.
Zipmex, which operates in Singapore, Thailand, Indonesia and Australia according to its website, is the latest in a string of crypto players globally to run into trouble following a sharp sell-off in markets that began in May with the collapse of two linked tokens, Luna and TerraUSD.
Zipmex is the latest in a string of crypto players globally to run into trouble following a sharp sell-off in crypto markets that began in May with the collapse of two linked tokens, Luna and TerraUSD. Zipmex joins crypto firms from Celsius Network Ltd. to Vauld to suspend withdrawals, leaving depositors in the lurch and underscoring the dangers of leveraged bets permeating the industry.
The crypto exchange was launched in September 2019 and is based in Singapore and Thailand, according to the website. Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions.
The cryptocurrency market failed to recover from Terra’s collapse in May, when insolvency threats loomed over major crypto lending companies, spreading fear among market participants. Cryptocurrencies, such as bitcoin, rose in price in 2020 and 2021, but have fallen sharply this year.
(With input from agencies)
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