SG crypto exchange Zipmex extends withdrawal freeze until today

Singapore-based crypto exchange platform Zipmex extended its freeze on withdrawals until today despite probes from regulators.

Zipmex CEO Marcus Lim / Photo credit: Zipmex

The firm tweeted that the extension of the maintenance period for its Trade Wallet was to “prevent any technical issues.” Withdrawals will be enabled once the Trade Wallet function is available once more.

On July 20, 2022, Zipmex stated it was halting withdrawals until further notice to maintain its platform’s integrity, which it said was affected by “volatile market conditions and the resulting financial difficulties of key business partners.”

The next day, Thailand’s Securities and Exchange Commission (SEC) reportedly issued Zipmex a letter, asking it to elaborate on why it suspended withdrawals in the country.

The SEC also asked for the size of the exchange’s assets under management and how deposited funds were used for its ZipUp savings account program, which offered up to 10% annual percentage yield on deposits.

The regulator questioned whether Zipmex used the services of troubled crypto lenders Celsius and Babel Finance as well.

As of March, Zipmex accounted for almost one-quarter of the total revenue of the Thai digital asset market, which is made up of 1.7 million traders.

See also: A who’s who of projects facing frostbite in the crypto winter (Updated)