Beginning later this week, Asian crypto exchange, Zipmex will allow customers to partially withdraw Bitcoin and Ether from their trading accounts, offering some respite to individuals affected by the recent collapse in the market for digital assets.
According to the company’s spokesperson, Zipmex will allow users to withdraw some of their Ether and Bitcoin from Zipmex’s Z Wallet starting on August 11 and August 16, respectively. The exchange suspended withdrawals in July due to a liquidity crisis after its exposure to troubled Babel Finance went sour.
The action follows Zipmex’s recent start to unlock several other currencies. Starting last week, the company made it easier to withdraw Solana’s SOL, Ripple’s XRP, and Cardano’s ADA. These actions come in response to a directive from Thailand’s Securities & Exchange Commission to Zipmex’s Thai branch to unfreeze some digital coins.
The spokesperson also confirmed that with the recent action 60% of the customers will receive all 5 tokens that are being distributed as part of this allowance.
The cryptocurrency exchange, which also has operations in Singapore, Indonesia, and Australia, is just one of several crypto companies affected by the US$2 trillion market collapse that has driven many participants to suspend withdrawals and some to declare bankruptcy.
Zipmex has filed for a moratorium in Singapore for protection from creditors against any lawsuits and to buy time for raising funds. The court hearing for the moratorium is due on Aug 15 in the city-state.