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Zipmex Suspends Withdrawal: Another Company Becomes Victim of Crypto Winter

The effects of the bear market don’t seem to end anytime soon. And its effects are breaking the companies apart.

This time, Zipmex, a Singapore-based digital assets platform, has suspended its withdrawal, citing “circumstances beyond control.”

The company took to Twitter, stating,” 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.”

With its office in Australia, Thailand, Singapore, and Indonesia, Zipmex marketed itself as ‘Asia’s leading digital assets exchange”. As per the coin market cap, the company had a trading volume of $5.4 million over the past 24 hours.

In June, Coinbase offered to acquire Zipmex, and the company also received an undisclosed amount in financing. However, the sides agreed on a strategic investment instead.

Crypto winter brings more woes.

The recent crypto winter has proved to be a bad spell for the companies. Some companies have filed for bankruptcy, and some are on the brink.

Earlier, Celsius and 3AC also suspended withdrawals and filed for bankruptcy. The list keeps increasing, and the companies suspending their withdrawals are being added to the list.

Vauld, a Singapore-based company, also stopped the withdrawals citing financial difficulties. However, it is currently in talks with crypto lending firm Nexo which wishes to acquire it.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.