Crypto Exchange Zipmex Starts to Allow Some Altcoin Withdrawals

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.