Singapore Cryptocurrency Exchange to Partially Resume Withdrawals Suspended Earlier

The Singaporean cryptocurrency exchange Zipmex has informed users about the partial resumption of deposits and withdrawals, but trading in assets is still unavailable.

Earlier, the crypto exchange announced the freezing of the withdrawal function for its clients, which prevented more than 2 million users from receiving their assets. The platform is «going through hard times» after the bankruptcy of Babel Finance and Celsius Network. As of today, Zipmex’s claims against these platforms amount to $ 48 million and $ 5 million. Representatives of the exchange also explained the drastic changes in the company’s operations by «unfavorable market conditions.»

For now, the company’s management has promised to stay «in touch» with the crypto community and keep its customers informed of events and changes on the exchange. The platform is considering several options to fully resume operations, including raising funds, initiating legal proceedings, and restructuring.