Singapore-based Zipmex exchange Halts Withdrawals, Has Exposure to Celsius and Babel

As the crypto winter draws upon, Singapore-based crypto exchange Zipmex becomes the latest to halt withdrawals on the platform. The cryptocurrency exchange also has major operations in Thailand.

Zipmex (Thailand) chief executive Akalarp Yimwilai, said that Zipmex has to succumb to financial difficulties owing to its exposure to troubled crypto lenders like Celsius Networks and Babel Finance. The official announcement reads:

“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”.

Alike Celsius, troubled crypto lender Babel Finance froze withdrawals last month in June. Reportedly, Zipmex has lent a staggering $100 million in funds to the beleaguered Balabel Finance.

As per Bloomberg, Akalarp said that the company is in talks to raise funds for the bailout, on a YouTube video that has now been removed.

Singapore Tightening Crypto Regulations

Zipmex joins the list of other Singapore-based firms like Three Arrows Capital and Vauld, in deciding to halt withdrawals. Singapore’s crypto-friendly regulations were the key reason behind companies flocking to the country.

However, the recent events have forced the Monetary Authority of Singapore (MAS) to intervene. Earlier this week, MAS said that Singapore is looking to further broaden the scope of crypto regulations and bring stricter rules.

MAS managing director Ravi Menon said that next month the central bank will hold a seminar to put more light on crypto regulations. “We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub,” he said.

Exchanges like Zipmex and Vauld offered high yields to customers against storing their Bitcoin, Ether, and Litecoin. Those customers won’t be allowed to withdraw their assets. Zipmex said that prospective customers aren’t protected as the company isn’t licensed by the MAS.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.