Singapore-based crypto exchange Zipmex suspended crypto withdrawal till further notice.
ZipmeX is a Singapore-based digital assets exchange founded in 2018. Exchange aimed to become the leading crypto exchange in Indonesia, Thailand, Singapore, and Australia. The exchange also operates its native coin Zipmex Token (ZMT), which bears its significance on the exchange.
On 20 July, the Zipmex exchange suspended crypto withdrawal from the exchange. ZipmeX exchange hinted that extreme volatility in the crypto market and other circumstances forced to take this decision.
On 21 July, Changpeng Zhao, CEO of Binance exchange, responded to this situation of Zipmex and suggested crypto investors choose the crypto exchanges carefully. In particular, Zhao suggested remaining away from thpss crypto exchanges which require funding to survive.
After these types of criticism, Zipmex exchange informed the customers that the crypto withdrawal issue is going on because of security issues. The exchange said that trading of assets will remain suspended till 21 July at 18:00 GMT+7 but the exchange failed to complete its promise.
Later the exchange asked customers to wait till 22 July GMT+7. The team said that they are working hard to bring the services back.
The majority of the reports claimed that mismanagement of the backend operations caused these critical issues. Now crypto Investors are looking at Zipmex exchange as a new troubled crypto company, which failed to survive in this bearish trend.