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Another crypto exchange doomed by the crypto volatile market! One of Asia's leading digital asset exchanges, Zipmex has joined the bandwagon halting its withdrawals. However, the exchange has planned to re-enable withdrawals and deposits on investors' trade wallet from 6 pm, Thursday. However, trading will remain disabled until further notice. Zipmex cited current volatile market conditions which resulted in financial difficulties of the exchange's key business partners -- as the reason. The global crypto market crashed today with Bitcoin and Ethereum weighing on the bearish sentiment. However, the market still breathes above the $1 trillion mark.
Through its Twitter account, Zipmex said on Wednesday that "due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice."
Later on Thursday, Zipmex added, "We are extending our maintenance period and will re-enable withdrawals and deposits for your Trade Wallet on 21 July 2022 at 18:00 (GMT+7). Trading will remain disabled until further notice."
"The security of our customers is the number one priority at Zipmex and we strive to provide the most secure platform possible. For more info, reach out to our Customer Support Team over Live Chat - this is available 24/7," Zipmex added.
Zipmex is Asia’s leading digital asset exchange providing high liquidity and insurance on assets. The exchange operates in Singapore, Australia, Indonesia, and Thailand.
On its website, Zipmex highlights risk warning on digital payment token services which is required as per the Monetary Authority of Singapore ("MAS").
Under the risk warning, Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
As per CoinMarketCap, currently, the global crypto market was at $1.02 trillion down by 4.79% over the last day. The total crypto market volume over the last 24 hours is $89.81 billion, which makes a 14.32% decrease. The total volume in DeFi is currently $7.39 billion, 8.22% of the total crypto market 24-hour volume. The volume of all stablecoins is now $82.32 billion, which is 91.66% of the total crypto market's 24-hour volume.
Bitcoin is around $22,622.72 down by 1.10%, erasing its previous day's gains. Bitcoin had touched above the $24,200 mark on Wednesday.
Counterpart Ethereum too erased over $1,600 level of yesterday's and was trading near $1,495.