After it announced Wednesday that it would not be withdrawing due to the crypto market meltdown, Zipmex has now announced it will resume withdrawals.
However, only withdrawals from the Trade wallet, one of the exchange’s wallets, have resumed.
Zipmex has two types of assets: Z Wallet and Trade Wallet. The Trade Wallet allows users to deposit cryptocurrency assets and fiat in order to trade on the platform. Z Wallet, on the other hand, allows users to receive bonuses and rewards after they deposit their funds.
Z Wallet operations will remain closed
The announcement states that withdrawals on the Trade wallet will not be possible starting at 7 AM today. ET, Z wallet operations will continue to be closed until further notice.
📣 Important Announcement📣
The Trade Wallet is now closed for maintenance. You can now withdraw funds from your Trade Wallet starting 22 July 2022 at 18:00 GMT+7
Transfer from Z Wallet, deposit, and trade will remain disabled until further notice. pic.twitter.com/voMInELlH5
— ZIPMEX (@zipmex) July 22, 2022
This is after the platform stated yesterday on Facebook that it was exploring all options and plans for restoring withdrawals from certain wallets.
Zipmex returns some funds
Zipmex had exposures of $5 million and $48 millions to Celsius. Babel Finance, however, had withheld withdrawals due to insolvency pressure. Zipmex stated that some assets have been recovered from its partners.
According to the company,
“Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets, there were no materially adverse impacts to our operations.”