Crypto Exchange Zipmex Freezes Withdrawals

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The exchange has referred to the circumstances as “unstable market conditions and the resulting financial difficulties of key business partners.”

Thai crypto exchange Zipmex has suspended withdrawals due to a “coincidence” beyond the company’s control. The platform has reported that the restrictions will be in effect until further notice.

Last summer, Zipmex raised $41 million from the fifth largest bank in Thailand, Bank of Ayudhya, media companies and venture capital funds.

In June this year it was known Coinbase planned to acquire the exchange. According to sources, as a result, the parties agreed on strategic investments.

According to media reports, Zipmex was going to raise $40 million in Series B+, bringing the valuation to $400 million.