Zipmex returns with trading wallet withdrawals

Two days after suspending withdrawals from its Trade Wallets, Zipmex reported that the service had been resumed.

Zipmex uses two kinds of wallets to maintain its assets. The Trade Wallet is where users may deposit fiat currency and other crypto assets to trade on the site. The Z Wallet is the second sort of wallet, where customers of the exchange may deposit monies to obtain incentives and prizes.

In its latest update, Zipmex said customers might withdraw monies from Trade Wallets beginning Friday at 7:00 a.m. ET. The company stated that the Z wallets would remain closed, indicating that regular operations have not yet been restored.

The exchange froze all customer money earlier this week, citing the “financial issues” of its central banking partners. The exchange was affected by the rippling impacts of a financial crisis in the cryptocurrency industry.

The Block revealed that Zipmex has a $48 million exposure to Babel Finance and a $5 million exposure to Celsius, two other troubled enterprises that froze customer assets owing to bankruptcy concerns.

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