Crypto exchange Zipmex halts withdrawals due to 'volatile market conditions'

Quick Take

  • Southeast Asian crypto exchange Zipmex announced it’s halting withdrawals until further notice. 
  • Zipmex joins Celsius, CoinFLEX, Vauld and Babel Finance in freezing client funds amid stresses in crypto markets.

Southeast Asian crypto exchange Zipmex announced on Wednesday it’s halting withdrawals until further notice.  

"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," the company wrote in a tweet. 

The move comes following widespread turmoil and downward pressure in crypto markets as a number of businesses have struggled to weather a dive in ether and bitcoin prices. 

Other crypto businesses have suspended withdrawals in a similar fashion in recent weeks. At the end of June, crypto exchange CoinFLEX