Zimpex suspends crypto withdrawals

Thursday 21 July 2022 11:06 CET | News

Digital assets exchange platform Zimpex has officially announced it is pausing withdrawals until further notice.

The Singapore-based exchange operates across the country as well as internationally, in Australia, Thailand, and Indonesia, and has cited a series of extraordinary circumstances, including volatile market conditions and financial difficulties to justify its decision.

However, Zimpex is not the only crypto exchange that faces difficulties amid a global drop of cryptocurrency values. Crypto Unicorn Babel suspended its withdrawals in June 2022, while one of the biggest crypto lenders, Celsius, filed for bankruptcy in 2021. Similarly, another Singapore-based crypto platform, Vauld, has suspended most of its operations, including trading, deposits, and withdrawals, due to financial challenges early in July 2022.

The current global uncertainties and the fear of another economic crisis or worldwide recession has severely affected the crypto exchange market, as investors and people turn to safer investments such as real estate and gold. 

The price of Bitcoin, the most popular crypto, dropped by 25% in one year, after reaching an all-time high of over USD 68,000 in November 2021, before getting to under USD 23,000, currently. Some other popular cryptocurrencies, including Ripple (XRP) and Cardano (ADA) lost up to 90% of their value in just one year, reflecting the market’s volatility and the distrust of investors amid the fear of another COVID-19 wave, the ongoing Ukraine war, and the economic struggles of most countries.

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Keywords: cryptocurrency, cryptocurrency exchange, crypto, crypto asset, online platform, trading platform, COVID-19, Russia Ukraine War, Unicorn
Categories: DeFi & Crypto & Web3
Companies: Cardano, Ripple, Zimpex
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3






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