Singapore-based cryptocurrency trading platform Zipmex announced, in a tweet via its official account on Twitter, that it has decided to suspend withdrawals from the platform temporarily until further notice due to a set of circumstances.
Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.
— ZIPMEX (@zipmex) July 20, 2022
The tweet clarifies that this decision comes in light of a set of circumstances out of control, on top of which is the volatility in the cryptocurrency markets, in addition to some financial difficulties with the main trading partners of the platform.
It should be noted that the cryptocurrency exchange Zipmex attracted the interest of Coinbase earlier, and it was targeting to acquire it in the first quarter of this year, but the deal failed, which made the CEO of the platform blamed the market conditions and volatility as one of the reasons for the failure of the acquisition process.