Zipmex allows the withdrawal of some altcoins

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The struggling Asian cryptocurrency exchange is resuming the withdrawal of some altcoins, although bitcoin and ether remain suspended for now. A step in the right direction, but it remains insufficient for users.

It is now possible to withdraw funds from various altcoins

The exchange will gradually allow withdrawals from XRP, Solana (SOL) and ADA from a Z exchange, which are credited to users’ trading wallets. Earlier this month, the Asian exchange announced that it would temporarily suspend transfers between its Z wallet and its trading portfolio, citing market instability.

It invested $ 48 million in its Celsius ZipUp + product and began withdrawing funds when market conditions worsened. Celsius subsequently stopped withdrawals on June 13, 2022 and filed for bankruptcy on July 14, 2022, prompting Zipmex to write off its deposits from the exchange’s balance sheet.

Zipmex has also invested $ 5 million in Babel Finance and he was in talks with the company to find a solution after he also stopped payments.

Opening of the withdrawal of SOL, ADA and XRP

On August 2nd it will be possible to withdraw 100% of SOL users, on August 4th 2022 100% of XRP and on August 9th 2022 Zipmex will supply 100% of ADA. What The stablecoins remain unavailable for now.

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Regarding the decision to place funds on Celsius and Babel Finance, he cited Zipmex financial support received from both companies and indicated that due diligence had been performed. The company is currently taking deposits from Babel Finance.

The company denied the rumors you filed for bankruptcy. Instead, she showed up request for a moratorium in court in Singapore, uh take time to solve problems and find an acceptable solution for its users.

As we have already explained to you, this solution should be aimed at solving the liquidity problems of the exchange. Zipmex said this:

This helps protect Zipmex from third party lawsuits, claims and litigation while it is active and allows the team to fully focus on resolving a liquidity situation without worrying about protecting potential claims or adverse actions that need to be addressed. It is important to note that the moratorium is not a corporate liquidation and the status has not changed significantly since our last update.

A request similar to that of Vauld, an Asian platform that also had problems with Debts over $ 400 million. Last week, the Thai Securities and Exchange Commission ordered the exchange to issue certain tokens. Zipmex responded Restoring access to your trading portfolio.

A step in the right direction for Zipmex

Zipmex acknowledged that the decision to release only a limited number of resources: little consolationbut A step in the right direction. July 24 Be[In]Crypto reported that co-founder of the exchange Akalarp Yimvilay was seen trading remote videos on YouTube with potential investors. The company tweeted that negotiations are underway, but a potential investor has reached a deal. Privacy Agreement when he checked the exchange’s finances. No official statements have been made on the outcome of these negotiations.

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📢 Important announcement 📢 Our discussions with the various stakeholders are in full swing. One of these parties, in a letter of intent, offered terms, including confidentiality obligations, to initiate due diligence. #zipmex

– ZIPMEX (@zipmex) July 24, 2022

There is no doubt that the exchange’s clients will not be completely satisfied with this decision and will wait for the opportunity to withdraw all their deposits. The problems are piling up with many companies in the crypto space. Robinhood recently announced new layoffs, which is also to blame poor market conditions but also his attitude towards the situation.

To learn more about the mistakes you shouldn’t make during a bear market, check out our article here.

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