Cryptocurrency exchange Zipmex has terminated withdrawals for all of its users, citing a "combination of circumstances" beyond its control.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
The Thai crypto exchange said in a tweet announcement that withdrawals will be paused indefinitely "until further notice."
"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."
In a letter to customers, the exchange said that a "series of black swan events" resulted in financial difficulties of its partners, without naming them. The move comes Celsius Network and Voyager Digital made the same steps before filing for bankruptcy.
Founded in 2018, Zipmex works with clients from Thailand, Australia, Singapore and Indonesia. In 2021, the trading platform raised $41 million from a pool of investors, including Krungsri Finnovate, the venture capital arm of Thailand's large financial institution Bank of Ayudhya.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange