Thailand’s Zipmex crypto exchange blocks transfers and withdrawals

Another cryptocurrency exchange is in trouble, blocking withdrawals of both cash and crypto from its platform as go 6pm last night.

Zipmex Thailand, a crypto-trading platform, has announced that the withdrawal of baht and cryptocurrency on its platform “has been suspended temporarily”.

In the announcement, the CEO outlined a number of difficulties and challenges facing the Thai crypto exchange.

He said that “fluctuations and several incidents in the cryptocurrency and problems with major trading partners” of the company prompted Zipmex Thailand to suspend all withdrawals. Firstly on Twitter at 5.15pm yesterday…

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“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.”

Then, the announcement on Facebook at 6pm was shared 1,400 times in 40 minutes and attracted more than 500 comments.

By 7.30pm a post by Akalarp Yimwilai, the CEO and co-founder of Zipmex Thailand, made an urgent announcement assuring investors that… “the platform was working to re-enable withdrawal and could be resumed by 8pm,”

“Due to the clarification of Zipmex that the withdrawal of baht and digital assets has been suspended, let me clarify that the company has problems with our ZipUp+ products.”

“ZipUp+ is a product deposited by customers in Thailand at Zipmex Global Singapore, where Zipmex Global partners have faced liquidity problems. Recently, it affects digital assets that are in ZipUp+ only. Liquidity problems, I would like to disclose… I want to be transparent with customers, namely the companies Babel Finance and Celsius. The amount of it, let me clarify later.”

“ What’s going to happen is that at 8pm, or an hour later, we will open the platform normally. However, the transfer of digital assets between ZipUp+, and between Z Wallet and Trade Wallet, will be temporarily suspended.”

In other words, investors in Zipmex are currently unable to either transfer digital “assets” or withdraw cash from their Zipmex Trade Wallet.

Citing the problems with other international crypto exchanges, he went on…

“The first thing that Zipmex Thailand and what I would do as Chief Executive Officer of Zipmex is to file a lawsuit against Zipmex Global and partners such as Barbells or Celcius to get the digital assets back. Back to customers.”

“For the litigation, Zipmex Thailand is ready to file a lawsuit and ready to prosecute the group or in English called ‘Class Action Lawsuit’, which customers can join. Zipmex Thailand will issue all the legal fees here. To get our clients’ digital assets back, we have to take legal action – the legal action must be taken, and Zipmex will take care of the expenses.”

“As I am the CEO of Zipmex Thailand, I have to apologize. And I sincerely apologize to all customers that we have caused disappointment. But I wouldn’t hesitate to get all the digital assets in the customer’s ZipUp+ back, either by the way of selling the company or getting money back, or taking a lawsuit. However, digital assets and customer funds always must come back first. I would like to make a clarification at this point.”

“I make a promise of an updated statement. If possible, it would be a daily statement to create transparency so that the situation can be tracked. Thank you.”

Thank you, indeed.

(Translation of CEO announcement from Nation Thailand)

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Tim Newton

Tim joined The Thaiger as one of its first employees in 2018 as an English news writer/editor and then began to present The Thaiger's Daily news show in 2020, Thailand News Today (or TNT for short). He has lived in Thailand since 2011, having relocated from Australia.

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