July 21 (Reuters) - Southeast Asia-focused cryptocurrency exchange Zipmex said it would resume withdrawals on Thursday after a suspension the day before, and was working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.
Zipmex said it was in talks with Babel Finance, which suspended withdrawals in June, to resolve its $48 million exposure to the crypto services firm, while a Babel Finance spokesperson said it was actively working with Zipmex to avoid customer losses.
Zipmex said it would write off its $5 million exposure to Celsius.
"Zipmex is exploring all available channels including fund raising, legal action and restructuring," the company said in a statement.
The company had said in a tweet on Wednesday that it suspended withdrawals, with an executive of its Thai affiliate citing liquidity difficulties at Babel Finance and Celsius as factors behind the move.
Withdrawals in Thailand resumed late on Wednesday, except for transfers from one...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...