MUMBAI (BLOOMBERG) – Asia crypto exchange Zipmex will allow users to partially withdraw Bitcoin and Ether from their trading accounts starting later this week, providing some relief to those caught by the recent meltdown in the digital asset market.
Zipmex, which halted withdrawals in July due to a liquidity crunch after its exposure to troubled Babel Finance went bad, will let users withdraw their Ether from Aug 11 and Bitcoin from Aug 16 from Zipmex’s Z Wallet, subject to a cap on the number of coins, according to the company’s spokesperson.
The move comes after Zipmex recently started to unlock some altcoins. The firm eased the full withdrawals of Solana’s SOL, Ripple’s XRP and Cardano’s ADA starting last week. These steps follow Thailand’s Securities & Exchange Commission order to Zipmex’s Thai unit to lift a freeze on some digital coins.
With the latest step, around 60 per cent of users will get all their five tokens that are being released under this allowance, the spokesperson said.
The crypto exchange, that also operates in Singapore, Indonesia and Australia, is one of several crypto firms hit by a US$2 trillion (S$2.76 trillion) meltdown in the market that has forced many players to halt withdrawals and some to file for bankruptcy.
Zipmex has filed for a moratorium in Singapore for protection from creditors against any lawsuits and to buy time for raising funds. The court hearing for moratorium is due on August 15 in the city-state.