Thailand-based crypto exchange platform, Zipmex, which was recently in trouble due to crypto winter, will reportedly ease down its withdrawal seize by enabling its users to partially withdraw some of their Bitcoin and Ethereum holdings.
According to several reports floating around the space, Zipmex has decided to allow customers to withdraw parts of their funds starting Thursday.
Troubles Zipmex is facing
The company was among those most seriously affected by the recent bear market. The end of July saw Zipmex halt client withdrawals due to turbulent market conditions. It also stated that the firm had no control over the conditions. Thus it is still unclear when those operations will resume.
A few days later, it was claimed that the Thai exchange had been discussing the issue with various groups, some of which had even offered a rescue plan.
Soon after this, Zipmex made numerous requests in accordance with Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. They wanted to stop any demands from creditors for the following six months.
Despite all of the problems, it appears that Zipmex has chosen to permit its customers to withdraw part of their BTC and ETH assets. Between August 11 and August 16, this will only be accessible to Z Wallet users (about 60% of the company’s customers).
Additionally, Zipmex facilitated withdrawals for a number of alternative currencies last week, including Solana (SOL), Ripple (XRP), and Cardano (ADA).
Crypto bear has impacted many companies in the sector, and Three Arrows Capital and Celsius Network are two other firms deeply affected by the winter season. Due to the fall of the market in June, 3AC was unable to meet margin calls, and a British Virgin Islands court ordered its liquidation a few weeks later. The company owes 27 different companies an estimated $3.5 billion.