Just around two weeks after Vauld suspended withdrawals and trading, another crypto company announced a similar stance. Volatile market conditions have in the recent times put several cryptocurrency companies on the brink of collapse. What makes this even worse is that there would not be any warning or alert prior to making decisions to pause withdrawals.
Another Singapore Based Exchange Puts Brake
Just like Vauld, crypto exchange Zipmex is also based out of Singapore, meaning possibility of negative regulatory action from the country’s authorities. In an announcement on Wednesday, the company management cited financial difficulties of business partners. This could very well mean that the exchange’s partners have exposure to some of the bankrupt crypto companies. As with several companies in the recent past, the company cited volatile market conditions for the extreme decision.
To make things worse, the company has not declared any potential timeline on the revival plans and developments. The Zipmex team tweeted
„Dėl daugelio nuo mūsų nepriklausančių aplinkybių, įskaitant nepastovias rinkos sąlygas, ir dėl to kylančių mūsų pagrindinių verslo partnerių finansinių sunkumų, siekdami išlaikyti mūsų platformos vientisumą, pristabdysime išėmimus iki kito pranešimo.
Financial Difficulties Linked To Babel Finance?
According to crypto enthusiast otteroooo, Zipmex is rumored to have lost substantial user deposits in Babel Finance. Also, it is Thailand’s second largest exchange with a crypto trail of $50 million in Celsius, he said. Meanwhile, the company assured customers about their asset safety on its platform. “At Zipmex, the security of our customers is our number one priority. As such, we strive to provide the most secure platform possible.”
Earlier this month, Vauld made an announcement stating immediate suspension of withdrawals, deposits and trading. It mentioned financial difficulties of business partners as the reason behind the halt. Over two weeks since the announcement, Vauld users still await assurance on future plans. The users demand a concrete roadmap towards return of user funds. The company, on the other side, is weighing in on potential acquisition plans while trying to get an additional moratorium. Recently, the company revealed it has a $70 million liability burden with about $330 million in assets and liabilities worth $400 million.
Pateiktame turinyje gali būti asmeninė autoriaus nuomonė ir jis priklauso nuo rinkos sąlygų. Prieš investuodami į kriptovaliutas, atlikite rinkos tyrimus. Autorius ar leidinys neprisiima jokios atsakomybės už jūsų asmeninius finansinius nuostolius.
Source: https://coingape.com/zipmex-becomes-second-exchange-in-asia-to-pause-withdrawals-in-two-weeks/