The Thailand-based cryptocurrency trading venue – Zipmex – might solve its issues with the help of a future partner. The exchange, which halted withdrawals last week, has discussed its situation with “various interested parties,” and some could offer a rescue plan.
- A few days ago, one of the leading crypto exchanges in Southeast Asia – Zipmex – froze clients’ withdrawals due to circumstances beyond the firms’ control, such as volatile market conditions. The platform explained that the move aimed to preserve its integrity.
- Less than 24 hours later, Zipmex resumed all customer operations apart from trading. It is worth noting that ZipUp accounts remained disabled until further notice.
- In addition to its announcement, the exchange admitted having a $48 million and $5 million exposure to troubled crypto lending platforms Babel Finance and Celsius Network.
- In a recent tweet, Zipmex revealed it has been conducting multiple discussions with “interested parties” that could provide a possible solution for its distressed activity. One of those has even offered terms in a Memorandum of Understanding (MOU).
Our conversations with various interested parties have progressed significantly. One of those parties has offered terms in an MOU which includes confidentiality obligations so as to be able to commence Due Diligence. #zipmex
— ZIPMEX (@zipmex) July 24, 2022
- Zipmex, which refers to itself as “Asia’s leading digital asset exchange,” has more than two million users and provides access to assets like Bitcoin (BTC), Ethereum (ETH), and its own Zipmex (ZMT) token. Ever since the news about the frozen withdrawals, the latter’s price has been in a state of freefall. Currently, it trades at around $0.30 (50% lower than last week’s valuation).