Zip Mex – a cryptocurrency exchange that operates in Thailand, Australia and Singapore – announced that customers can do so once access again Withdraw their Bitcoin and Ethereum holdings. This means that nearly 60 percent of the company’s customers can once again enter their crypto-accounts and extract their money.
Zip Mex Says Customers Can Withdraw BTC and ETH
This announcement comes after news of a continued suspension of withdrawals by executives as they deal with bankruptcy proceedings, which was reported a few weeks ago by Live Bitcoin News And many other ports. The cryptocurrency exchange was the latest to suffer the ongoing crash of cryptocurrencies and hastened to follow in the footsteps of companies like Celsius and Voyager Digital. Among other things, they recently announced their plans to liquidate and/or enter bankruptcy proceedings to protect themselves during the ongoing declines in the digital currency.
Zip Mex said the problem started in July when it had to stop all withdrawals generated by the Z Wallet system. The platform has hosted nearly $53 million in digital assets, all of which have been exposed to Celsius and Babel. These two companies have paused withdrawals as a way to deal with the ongoing market volatility.
With no way to access the funds, Zip Mex stated that it had no choice but to pause future withdrawals as customers would not be able to mine coins. The best bet in CEOs’ minds was to sit back and wait for the problem to go away. Sure, Babel and Celsius would have to release the funds and end the freeze, but unfortunately, that wasn’t what happened.
Celsius has since moved on to other legal actions as a way to keep its operations moving while the market repairs itself. The bankruptcy maneuvers he is undergoing do not mean that the company is disappearing from the planet. It just means that customers cannot file a case against the company or pursue any hardcore paths to get their money back during these uncertain times. However, the company’s future is still in the balance, and that means Zip Mex faces similar uncertainty.
Before allowing Bitcoin and Ethereum funds to be withdrawn, Zip Mex said that any customers who have SOL, XRP or ADA in their wallets can access these coins for withdrawal purposes. Additionally, the company is now in talks with several investors as a way to secure potential funding so it doesn’t have to permanently close its doors.
Bankruptcy seemed like the answer
Following its decision to declare bankruptcy, Zip Mex issued a statement that read:
As we continue to work towards resolving our liquidity position and re-enable Z Wallet for all users, we would like to update our users last Friday on the submission of stop-off requests in Singapore for all Zip Mex entities.
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