The cryptocurrency exchange known as Zipmex eased withdrawal restrictions for three alternative cryptocurrencies just the week before last. Reports indicate that the cryptocurrency trading platform with its headquarters in Asia made an announcement on August 8th stating that it would begin processing withdrawal requests for Bitcoin and Ethereum beginning this coming week.
This announcement comes after Zipmex assured its customers on August 4 that it would soon enable withdrawals of funds from their accounts. Additionally, the exchange stated that it would make efforts to resume other services that were previously offered on the platform.
On August 11th and 16th, a Predetermined Amount of Bitcoin and Ethereum Will Become Available.
When Zipmex, a cryptocurrency exchange platform, experienced a withdrawals freeze on July 20th, all withdrawals were temporarily halted. Users were unable to gain access to their funds as a result of this.
The exchange claims it temporarily suspended withdrawals due to loan defaults by cryptocurrency companies. It also blamed the decline in the value of cryptocurrencies on the market for the financial strain that the company was experiencing.
Nevertheless, in spite of the ongoing conflict with Celsius and Babel, the platform has made the decision to begin accepting withdrawals for ETH and BTC. According to the announcement made by the company, it was going to distribute a predetermined quantity of ETH and BTC on the 16th and 11th of August, respectively.
During this time, the cryptocurrency company had already distributed a few alternative coins prior to the present. This includes a complete one hundred percent of the SOL in its holdings as of August 2nd.
It released all of the XRP that it had in its holdings on August 4th, and it plans to release all of the ADA tokens that it had in its holdings today, August 9th. Regrettably, the company does not currently have any plans to launch stablecoins in the near future.
In addition to this, Zipmex’s operations in Singapore were placed on moratorium after the company filed for bankruptcy protection. The purpose of the filing was to enable the company to address its current financial difficulties
.zipmex puts a hold on the withdrawal for the time being
On the other hand, the date of the hearing for the appeal has been set for August 15th. Nevertheless, it is important to note that the company has successfully completed six funding rounds and raised investment capital totaling more than $62.9 million. It has been reported by Crunchbase that B Capital Group and Coinbase are the most recent investors.
In related news, a different exchange has temporarily halted the processing of withdrawals this week. On its exchange, the cryptocurrency lending platform Hodlnaut has temporarily halted token swaps, as well as deposits and withdrawals.
The Singaporean company explained that it came to this conclusion as a result of the negative situation in the crypto market.
“We would like to reassure our users that the reason we made this decision was to concentrate on maintaining the company’s liquidity and protecting its assets. In addition, we would make efforts to ensure that the long-term interests of our users are protected, as stated in the report.
On the other hand, a cryptocurrency researcher named FatMan from the Terra Research Forum claimed that Hodlnaut had lied to its users. According to FatMan, the company failed to warn its customers about the potential dangers associated with the stablecoin staking process.