{"id":475928,"date":"2022-07-20T13:44:26","date_gmt":"2022-07-20T10:44:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/breaking-zipmex-suspends-withdrawals-as-ceo-denies-financial-trouble-rumors\/"},"modified":"2022-07-20T13:44:26","modified_gmt":"2022-07-20T10:44:26","slug":"breaking-zipmex-suspends-withdrawals-as-ceo-denies-financial-trouble-rumors","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/breaking-zipmex-suspends-withdrawals-as-ceo-denies-financial-trouble-rumors\/","title":{"rendered":"# Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d55594ea71\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d55594ea71\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/breaking-zipmex-suspends-withdrawals-as-ceo-denies-financial-trouble-rumors\/#%E2%80%9D_Breaking_Zipmex_suspends_withdrawals_as_CEO_denies_financial_trouble_rumors_%E2%80%9C\" >&#8221; Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Breaking_Zipmex_suspends_withdrawals_as_CEO_denies_financial_trouble_rumors_%E2%80%9C\"><\/span>&#8221; Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a &#8220;combination of circumstances&#8221; beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed as \u201crumors\u201d by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>\u2014 ZIPMEX (@zipmex) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zipmex\/status\/1549699440302166016?ref_src=twsrc%5Etfw\">July 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nCoinbase made an offer to acquire the Thai cryptocurrency exchange Zipmex early in quarter one 2022. On June 9, the acquisition fell through. Instead, Coinbase made a \u201cstrategic investment\u201d into the company \u2014 the amount has not been disclosed. <\/p>\n<p>Lim told Cointelegraph that while Coinbase is an interesting partner, \u201can investor makes more sense at this stage.\u201d He explained that the group speaks to a number of different parties at any point in time, citing the bear market as the reason why Coinbase opted out of the acquisition:<\/p>\n<blockquote><p>&#8220;The acquisition fell through due to market conditions. They&#8217;ve pulled out in many countries around the world such as Turkey and in Latin America. Coinbase is a great strategic partner to the business.&#8221;<\/p><\/blockquote>\n<p>According to the Block, Zipmex is working on a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> B+ raise that could value it at $400 million. Cointelegraph reported that Zipmex has compliant operations in Thailand, Indonesia, Singapore and Australia. In August 2021, Zipmex\u2019s user base reached 200,000, while it has reported over $1 billion in gross transaction volume since its launch in late 2019. <\/p>\n<p>According to Zipmex press releases, the company&#8217;s Thai subsidiary has a Digital Assets Exchange license and Brokerage license issued by the Ministry of Finance of Thailand, while the group is regulated by the Securities and Exchange Commission. <\/p>\n<p>However, a source close to the exchange explained that Zipmex could be in trouble prior to freezing customers&#8217; funds. According to the source, who chose to remain anonymous, Zipmex \u201chas a Thai exchange license and an exempt status in Singapore.\u201d<\/p>\n<blockquote><p>\u201cUnder the Thai License they are strictly not allowed to touch customer funds. However, Zipmex has a product on the exchange called zip-up that effectively lets users move funds under the Singapore entity to earn yield.\u201d<\/p><\/blockquote>\n<p>The source explained that the \u201cfunds were given to Babel to generate the yield. About $100m was lent to Babel, which is now at risk of default.\u201d In June, Hong Kong-based asset manager Babel Finance halted withdrawals, due to &#8220;unusual liquidity pressures.&#8221;<\/p>\n<p>South East Asia has not been shielded from the bear market crypto contagion, as in Singapore, Vauld exchange recently froze customers\u2019 funds. Nexo has reportedly offered a buyout but the group also offered to buy out Celsius.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Half of Asia&#8217;s affluent investors have crypto in their portfolio: Report<\/em><\/strong><\/p>\n<p>When pressed on whether Zipmex could face the same consequences as Celsius, the source commented that \u201cit&#8217;s possible. Babel hasn&#8217;t settled their default yet, and it&#8217;s a 100 million dollar hole.&#8221; Celsius froze users\u2019 funds on June 13 and many fear the exchange could suffer the same fate as Mt. Gox. <\/p>\n<p>In response to the allegations, Lim told Cointelegraph that it was \u201cbusiness as usual.\u201d Lim emphasized that the group \u201cdoesn\u2019t comment on rumors.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/6502e8f3-92d5-4cde-975b-e982ac507238.png\"><figcaption style=\"text-align: center;\">Source:\u00a0@Drumiskl <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/figcaption><\/figure>\n<p>However, as per reports from customers of Zipmex and the official Zipmex Twitter account, the firm has since frozen customer withdrawals.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/breaking-zipmex-suspends-withdrawals-as-ceo-denies-financial-trouble-rumors\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors &#8220; Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a &#8220;combination of circumstances&#8221; beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed as \u201crumors\u201d by CEO and co-founder Marcus Lim following the failed acquisition of the Thai&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOWExMDBiYTAtNzIxZi00MjQ2LWE1OTctYjVlMTAzNGNmYmY2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74860,25196,117,73711,71469],"class_list":["post-475928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrency-exchange","tag-asia","tag-business","tag-investments","tag-thailand"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=475928"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475929"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}