Singapore-based crypto exchange Zipmex suspended crypto withdrawal till further notice.
ZipmeX is a Singapore-based digital assets exchange founded in 2018. Exchange aimed to become the leading crypto exchange in Indonesia, Thailand, Singapore, and Australia. The exchange also operates its native coin Zipmex Token (ZMT), which bears its significance on the exchange.
On 20 July, the Zipmex exchange suspended crypto withdrawal from the exchange. ZipmeX exchange hinted that extreme volatility in the crypto market and other circumstances forced to take this decision.
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.
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— ZIPMEX (@zipmex) July 20, 2022
On 21 July, Changpeng Zhao, CEO of Binance exchange, responded to this situation of Zipmex and suggested crypto investors choose the crypto exchanges carefully. In particular, Zhao suggested remaining away from thpss crypto exchanges which require funding to survive.
Another one bites to the dust.
Choose exchanges wisely.
Avoid exchanges that need to raise money to survive. https://t.co/iSSDGGaUNL
— CZ
Binance (@cz_binance) July 21, 2022
After these types of criticism, Zipmex exchange informed the customers that the crypto withdrawal issue is going on because of security issues. The exchange said that trading of assets will remain suspended till 21 July at 18:00 GMT+7 but the exchange failed to complete its promise.
Important Announcement
We are extending our maintenance period and will re-enable withdrawals and deposits for your Trade Wallet on 21 July 2022 at 18:00 (GMT+7). Trading will remain disabled until further notice. pic.twitter.com/2qCDzcyjdY
— ZIPMEX (@zipmex) July 21, 2022
Later the exchange asked customers to wait till 22 July GMT+7. The team said that they are working hard to bring the services back.
To prevent any technical issues, we are extending our maintenance period for Trade Wallet until 22 July 2022 (GMT+7).We are working hard to bring back the Trade Wallet function as soon as we can. Withdrawals will be enabled once we’re back. pic.twitter.com/o0d0h4PuNj
— ZIPMEX (@zipmex) July 21, 2022
The majority of the reports claimed that mismanagement of the backend operations caused these critical issues. Now crypto Investors are looking at Zipmex exchange as a new troubled crypto company, which failed to survive in this bearish trend.
Read also: CryptoCom will allow crypto purchase via GooglePay
Binance CEO criticised Zipmex’ crypto withdrawal stoppage
https://bitcoinik.com/binance-ceo-criticised-zipmex-crypto-withdrawal-stoppage/feed/
https://bitcoinik.com/binance-ceo-criticised-zipmex-crypto-withdrawal-stoppage/feed/
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