Home / Markets / Cryptocurrency /  Crypto exchange Zipmex sets timeline for withdrawals of these tokens

Cryptocurrency exchange Zipmex Pte has planned to allow investors to withdraw some tokens from their trading wallets. Zipmex announced all Solana (SOL) tokens will be credited to investors' trade wallets on Tuesday. The company has also set a timeline for other tokens like Ripple’s XRP and Cardano’s ADA. However, major cryptocurrencies such as Bitcoin and Ethereum remain locked up. Due to volatile market conditions, Asia's crypto exchange halted its trading platform in July.

In an official announcement, Zipmex said, "Solana (SOL) in your Z Wallet has been credited to Trade Wallet on 2 August 2022."

"We promised to resolve the Z Wallet situation and resume services. That’s why after having stabilized the situation we’re releasing unaffected digital assets namely: ADA, SOL, and XRP into users’ Trade Wallets starting tomorrow, 2 August 2022," Zipmex said in its statement.

Further, Zipmex will release XRP in the Z wallet on August 4, and ADA tokens on August 9.

It said, "Tokens in Z Wallet will be debited and the corresponding amount will be credited back into your Trade Wallet. No user action is required. Once the tokens in the Trade Wallet are available, you may withdraw as per usual."

Talking about Bitcoin and Ethereum and other stablecoins, Zipmex said in its statement, "We know it’s a small step, but it’s a step in the right direction. We realize many users will still have some BTC, ETH, and stable coins remaining in Z Wallet. We are working to ensure that we are in full compliance as we start to release some of these tokens into your Trade Wallet starting in the middle of August."

Customers can follow the official opening schedule of each coin via the company's website and all other official Zipmex channels. 

However, withdrawals from Zipmex’s yield-based program ZipUp+ continue to be suspended.

Zipmex is Asia’s leading digital asset exchange providing high liquidity and insurance on assets. The exchange operates in Singapore, Australia, Indonesia, and Thailand.

Last week, Thailand’s Securities & Exchange Commission had ordered the exchange's Thai unit to lift the freeze on some cryptocurrencies.

Recently, Zipmex said they continue to work towards resolving their liquidity situation and re-enabling the Z Wallet for all users.

On July 22, the exchange's solicitors in Singapore, Morgan Lewis Stamford LLC, filed five applications under Section 64 of Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 on behalf of several of the Zipmex Group’s entities.

These entities who have sought the moratorium relief in the applications are - Zipmex Asia Pte; Zipmex Pte; Zipmex Company Limited (incorporated in Thailand); PT Zipmex Exchange Indonesia (incorporated in Indonesia); and Zipmex Australia Pty Ltd (incorporated in Australia).

Under Singapore law, the companies have been granted an automatic moratorium for a period of either 30 days; or until the Singapore Court decides the Applications, whichever is earlier.

In a statement, on July 22, Zipmex said, the moratoriums would give the Zipmex Group the breathing space and time it requires to explore options to resolve the liquidity situation (including pursuing the recovery against Babel Finance), and to formulate a restructuring plan and secure additional investment to secure the Zipmex Group’s operations moving forward.

The company is also in the advanced stage for potential investments from parties including investors.

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