Crypto Exchange Zipmex Starts to Allow Some Altcoin Withdrawals

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Asia crypto exchange Zipmex Pte plans to allow users to withdraw some tokens from their trading accounts, Bloomberg News reported. The exchange set a timeline for withdrawals of Solana’s SOL, Ripple’s XRP and Cardano’s ADA, from Zipmex’s Z Wallet. Larger coins including Bitcoin and Ether remain locked up, the company said in a statement. Zipmex, which operates in Thailand, Singapore, Indonesia and Australia, halted withdrawals in July, citing “volatile market conditions, and the resulting financial difficulties of our key business partners.” Last week, Thailand’s Securities & Exchange Commission ordered Zipmex’s Thai unit to lift a freeze on some digital coins. SOL tokens would be released Aug. 2, XRP on Aug. 4 and ADA on Aug. 9, Zipmex said. Withdrawals from Zipmex’s yield-based program ZipUp+ remain suspended. The company is one of many crypto firms that have been caught by the $2 trillion meltdown in value of digital tokens, and forced to either halt withdrawals or file for bankruptcy. Last month, Zipmex filed for a moratorium in Singapore court for protection from creditors against any lawsuits and to buy time to arrange a restructuring plan. Read more.