By Shelly Melancon (Switzerland)
Last week, the crypto exchange, Zipmex relaxed withdrawal restrictions for three altcoins. According to reports, the Asian-based crypto platform announced on August 8th that it would allow withdrawals for BTC and ETH this week.
This announcement comes after Zipmex assured its clients on August 4th that it would allow withdrawals soon. The exchange also said it would work to resume other services on the platform.
Specific Amount Of BTC And ETH To Be Released On August 11th And 16th
On July 20th, the crypto exchange platform, Zipmex halted all withdrawals. This stopped users from accessing their funds.
According to the exchange, it paused withdrawals due to loan defaults by crypto firms. It also blamed the crypto market decline for the financial tension in the firm.
However, despite the platform’s battle with Celsius and Babel, it has decided to open withdrawals for BTC and ETH. As per the company’s statement, it would release a certain amount of BTC and ETH on August 16th and August 11th, respectively.
Meanwhile, the crypto firm had released some altcoins before now. This includes 100% of the SOL in its holdings on August 2nd.
On August 4th, it released the XRP in its holdings, while it plans to release all the ADA tokens in its holdings today, August 9th. Unfortunately, releasing stablecoins is not yet part of the company’s plans.
Furthermore, Zipmex had filed bankruptcy protection (moratorium) in Singapore. The aim of the filing was to allow it to handle the financial problems it is currently facing.
Hodlnaut Pauses Withdrawal
Meanwhile, the hearing for the appeal is set for August 15th. However, it is worthy to say that the firm has raised investment funds worth over $62.9 million in six funding rounds. According to Crunchbase, B Capital Group and Coinbase are the latest investors.
In other news, another exchange has paused withdrawals this week. Crypto lending platform, Hodlnaut has paused token swaps, deposits, and withdrawals on its exchange.
The Singaporean firm stated that it reached this decision due to the bad crypto market situation.
“We want to assure our users that we took this decision to focus on preserving assets and stabilizing the company’s liquidity. Also, we would work towards protecting the long term interest of our users,” the report stated.
However, a cryptocurrency researcher from the Terra Research Forum, FatMan, accused Hodlnaut of lying to its users. FatMan said the firm did not inform users about the risks linked with stablecoin staking.
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