Zipmex clients will be able to withdraw Bitcoin and Ethereum in the next round of crypto withdrawals. After suspending withdrawals in July due to crypto exchange Zipmex, Zipmex has set August 11 and 16 as the releases of Ethereum (and Bitcoin) respectively. The firm’s announcement was.
According to the announcement, “We will be providing frequent updates on our plans to release the remaining assets affected assets to users via the official communication channels of each country.”
Zipmex stopped withdrawals on July 20. It cited financial roadblocks as a result of its exposure to Celsius and Babel Finance. Both companies were at the forefront of the recent liquidity crisis in the industry.
Zipmex, which has undergone a restructuring process, is now ready to work with regulators and customers to return funds.
These plans were realized last week when the exchange announced that it would withdraw various altcoins including Solana, Cardano (ADA), and Ripple(XRP).
Zipmex announced the release of the mentioned altcoins on August 2nd.
Zipmex was exposed in the amount $48 million in Babel Finance, and $5 million in Celsius.
The funds from Zipmex’s interest-bearing ZipUp+ accounts, known as ZipUp+, were deposited into Celsius. On June 13, Celsius stopped withdrawals from the platform, including Zipmex-linked accounts, and filed bankruptcy the next day.
Zipmex was not allowed to withdraw Celsius funds.
Similar liquidity problems that plagued Babel Finance exacerbated these problems.
“To prevent market volatility short-term due to inaccurate and emerging reports about Zipmex’s exposure at Babel Finance, Zipmex made the decision to temporarily halt transfers from the Z Wallet to the Trade Wallet,” Zipmex reported last Wednesday.