Singapore-based crypto exchange Zipmex said it will extend the withdrawal freeze until Friday “to prevent any technical issues.”
Famous Bitcoin exchange Zipmex has become the last crypto organization to suspend withdrawal processes. Many organizations, from the DeFi lending platform to cryptocurrency exchange, have suspended processes in the last period.
The main reason behind these companies’ decisions is the liquidity crisis and the risk of bankruptcy. Zipmex put forward a precedent for this. The exchange announces it has stopped customer withdrawal processes due to “volatile market conditions.”
Zipmex announced that customers’ withdrawal process will be paused “until further notice.” It seems that Zipmex has joined the middle of the latest cryptocurrency companies to resort to drastic measures to deal with the market downturn.
Zipmex attracted the market’s attention as the last link in the chain of companies that suspended their processes.