Thai cryptocurrency exchange Zipmex has opened the possibility of withdrawing funds from Trade Wallet trading wallets.

📣 Important Announcement📣

The maintenance of the Trade Wallet has ended. Withdrawals for your Business Wallet are now enabled as of 18:00 on July 22, 2022 (GMT+7).

Transfers, deposits and trading from Z Wallet will remain disabled until further notice. pic.twitter.com/voMINELlH5

— ZIPMEX (@zipmex) July 22, 2022

The platform uses two types of wallets: Trade Wallet and Z Wallet. First, it allows you to deposit fiat and digital currencies for trading. Second, it provides access to all Zipmex products and services such as bonuses, earning new coins and other special offers.

“Wallet maintenance completed. Withdrawals for your Trade Wallet are allowed from 18:00 on July 22, 2022 (GMT+7). Z Wallet transfers, deposits and trading will be disabled until further notice.

On July 20, the exchange suspended the withdrawal of funds. The company cited “coincidences” beyond its control, including “financial difficulties arising from unstable market conditions and financial difficulties of key business partners.”

Later, Zipmex reported that as of July 21, Babel Finance and Celsius Network’s liquidity crisis claims amounted to $48 million and $5 million, respectively. The company said it was considering “multiple recovery options” including fundraising, litigation and restructuring.

At the same time, the platform announced the opening of deposits and withdrawals for its Trade Wallet.

Recall that Zipmex raised $41 million in 2021 with plans to expand its user base in Singapore and Australia. Investors were the fifth largest bank in Thailand, Bank of Ayudhya, media companies and venture capital funds.

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