Zipmex, a Singapore-based digital assets trading platform, today announced that it is pausing customer withdrawals,
The company took to Twitter on Wednesday to announce the move, citing “a combination of circumstances beyond our control” that made it take the decision.
“Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,” said the exchange.
Zipmex, which markets itself as “Asia’s leading digital assets exchange” and has offices in Thailand, Indonesia, and Australia, offers a variety of products including cryptocurrency spot trading and interest-bearing accounts.
According to the company’s website, users can enjoy up to 10% in rewards per year by depositing their funds on the platform. For example, Zipmex claims to offer 6% returns on Bitcoin (BTC) and Ethereum (ETH), and 10% on the USDC stablecoin.
The exchange had a trading volume of $5,4 million over the past 24 hours, per CoinMarketCap.
Previously, the company raised $52 million in a Series B funding round and had plans to expand into more markets in Southeast Asia, including Vietnam.