Zipmex reopens withdrawals from trading wallets

Quick Take

  • Zipmex has resumed withdrawals on Trade Wallets starting Friday.
  • The exchange noted that withdrawals on Z Wallets will remain disabled.

Zipmex announced it has resumed withdrawals from its Trade Wallets, two days after the platform paused the feature. 

Zipmex uses two types of wallets to manage their assets. The first is called a Trade Wallet, which is where users can deposit fiat and other crypto assets if they wish to trade on the platform. Z Wallet is the second type of wallet, where the exchange users can deposit funds to receive rewards and bonuses.

In its update, Zipmex said users can withdraw funds from Trade Wallets starting Friday 7 a.m. ET. However, the firm added that Z wallets will remain closed, which means normal operations have not been restored.


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Earlier this week, the exchange froze all client funds, citing "financial difficulties" of its key financial partners. It's evident that the exchange likely suffered from the cascading effects of a financial crisis in the crypto sector.

The firm reported that it had a $48 million exposure to Babel Finance and $5 million to Celsius, two other embattled firms that have kept clients funds on hold due to insolvency issues.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]