Zip Mex – a cryptocurrency exchange that operates in both Thailand, Australia, and Singapore – has announced that customers can once again access and withdraw their bitcoin and Ethereum holdings. This means approximately 60 percent of the company’s clients can once again enter their crypto accounts and extract their money.
Zip Mex Says Customers Can Withdraw BTC, ETH
The announcement follows news of ongoing withdrawal halts initiated by executives as they deal with bankruptcy proceedings, which were reported on a few weeks ago by Live Bitcoin News and several other outlets. The digital currency exchange was just the latest to suffer at the hands of the ongoing cryptocurrency crash and was quick to follow in the footsteps of companies like Celsius and Voyager Digital. These – among others – have all recently announced plans to liquidate and/or enter bankruptcy proceedings to protect themselves during the ongoing digital currency dips.
Zip Mex said the trouble started in July when it was forced to halt all withdrawals stemming from its Z Wallet system. The platform hosted approximately $53 million worth of digital assets, all of which had been exposed to both Celsius and Babel. Both these firms had paused withdrawals as a means of dealing with the ongoing market volatility.
With no way to access the funds, Zip Mex has stated it had no choice but to pause future withdrawals given customers would not be able to extract the coins. The best bet in executives’ minds was to sit back and wait for the trouble to end. Surely, both Babel and Celsius would have to release the funds and end their freezes, but unfortunately, this is not what occurred.
Celsius has since moved into further legal proceedings as a way of keeping its operations moving while the market repairs itself. The bankruptcy maneuvers it’s undergoing doesn’t mean the company is disappearing from the planet. It just means that customers cannot file suit against the firm or pursue any hardcore paths to get their money back during these unstable times. Still, the company’s future remains in the balance, and this means Zip Mex is experiencing similar uncertainty.
Prior to allowing bitcoin and Ethereum funds to be withdrawn, Zip Mex said any customers with SOL, XRP, or ADA in their wallets could access those coins for withdrawal purposes. In addition, the company is now undergoing talks with several investors as a means of securing potential funding so that it doesn’t have to shut its doors on a permanent basis.
Bankruptcy Seemed Like the Answer
Following its decision to file bankruptcy, Zip Mex issued a statement that read:
As we continue to work towards resolving our liquidity situation and re-enabling the Z Wallet for all users, we would like to update our users that last Friday, we submitted moratorium applications in Singapore for all Zip Mex entities.