In Singapore, a cryptocurrency exchange has banned the withdrawal of its assets to more than 2 million users

The Singaporean cryptocurrency exchange Zipmex has announced the freezing of the withdrawal function for its customers, which means that more than 2 million users cannot receive their assets.

According to the exchange’s representatives on Zipmex’s official Twitter account, the platform is suspending withdrawals «due to unfavorable market conditions.» Insiders said that the exchange was «affected» by the bankruptcy of Babel Finance. Zipmex provided this provider with a $ 100 million loan, but in June, Babel Finance announced its insolvency.

It is not yet known whether the exchange’s clients will be able to receive their own funds in the future and whether they will be able to return them in full. A similar situation occurred with users of 2gether, the oldest crypto exchange in Spain, when the platform blocked the website and froze the withdrawal of customers' funds. At the time, representatives of the exchange said that 2gether would resume operations only after users made a € 20 donation.