Zipmex, a digital assets exchange with operations in Singapore, Australia, Indonesia and Thailand, said on Twitter that it “would be pausing withdrawals until further notice.”
The Singapore-headquartered company cited a “combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners.”
Zipmex is not the only crypto exchange that has run into difficulties amid a global sell off in crypto markets. Crypto unicorn Babel suspended withdrawals in June, while Celsius, one of crypto’s biggest lenders, filed for bankruptcy a week ago.
Vauld, another Singapore-based crypto platform, suspended withdrawals, trading and deposits due to financial challenges earlier this month.