Zipmex resumes withdrawals from Trade Wallets

Zipmex has stated that withdrawals from its Trade Wallets have resumed, two days after the platform halted the feature.


Zipmex manages its assets using two types of wallets. The first is known as a Trade Wallet, and it is where users can deposit fiat and other crypto assets to trade on the site.

The second sort of wallet is the Z Wallet, where exchange customers can deposit funds to obtain rewards and bonuses.

Zipmex announced on Twitter that users can withdraw money from Trade Wallets beginning Friday at 7 a.m. ET. However, the company added that Z wallets will stay closed, implying that normal activities will not be resumed.

The exchange froze all client funds earlier this week, citing "financial issues" with its key financial partners. The exchange was hit by the ripple effects of a financial crisis in the crypto sector.

Zipmex had a $48 million exposure to Babel Finance and a $5 million exposure to Celsius, two additional troubled enterprises that have put clients' assets on hold due to insolvency difficulties.

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