Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors
Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a "combination of circumstances" beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed as “rumors” by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase.
Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.
Coinbase made an offer to acquire the Thai cryptocurrency exchange Zipmex early in quarter one 2022. On June 9, the acquisition fell through. Instead, Coinbase made a “strategic investment” into the company — the amount has not been disclosed.
Lim told Cointelegraph that while Coinbase is an interesting partner, “an investor makes more sense at this stage.” He explained that the group speaks to a number of different parties at any point in time, citing the bear market as the reason why Coinbase opted out of the acquisition:
According to the Block, Zipmex is working on a Series B+ raise that could value it at $400 million. Cointelegraph reported that Zipmex has compliant operations in Thailand, Indonesia, Singapore and Australia. In August 2021, Zipmex’s user base reached 200,000, while it has reported over $1 billion in gross transaction volume since its launch in late 2019.
According to Zipmex press releases, the company's Thai subsidiary has a Digital Assets Exchange license and Brokerage license issued by the Ministry of Finance of Thailand, while the group is regulated by the Securities and Exchange Commission.
However, a source close to the
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