Zipmex, a cryptocurrency exchange that operates in Singapore and Thailand, has halted withdrawals as the fallout from a series of defaults spreads further throughout the digital-assets industry.
The Asian platform is the latest to succumb to financial difficulties stemming from exposure to troubled crypto lenders Babel Finance and Celsius Network Ltd., according to Zipmex (Thailand) chief executive Akalarp Yimwilai.
The exchange is currently in talks with new investors to raise funds for a “bailout,” Akalarp said in a video on the company’s YouTube channel that has since been removed.
Zipmex joins other struggling crypto firms with operations in Singapore, including Three Arrows Capital and Vauld, even as the regulators in the city state tighten rules to ring-fence retail investors from volatile digital assets. The Monetary Authority of Singapore said this month it will broaden cryptocurrency regulations to cover more activities amid a series of business failures in the industry.
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