NEW DELHI: Singapore-based cryptocurrency exchange Zipmex has announced a suspension of withdrawals till further notice, adding to the list of cryptocurrency businesses suffering from the erratic market environment. Singapore, Australia, Indonesia, Thailand, and Singapore all have activities for the trading of digital assets.

Late on Wednesday, Zipmex tweeted that withdrawals would be put on hold until further notice in order to maintain the integrity of its platform due to a number of factors "beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners."

Last year, Zipmex set out to grow to be the biggest digital exchange in the Asia Pacific region. Since its introduction at the end of 2019, Zipmex has completed over $600 million in gross transaction volume, according to the most recent data.

While one of the biggest cryptocurrency lenders, Celsius, went for bankruptcy last month, crypto unicorn Babel ceased withdrawals in June. Another cryptocurrency site with a Singaporean foundation, Vauld, has also stopped accepting deposits, trading, and withdrawals. As the global cryptocurrency market collapses, a number of platforms and exchanges have laid off staff.

To shield its assets from creditors, the Singapore-based 3AC filed for bankruptcy in the US earlier this month. A more than USD 650 million debt from cryptocurrency broker Voyager Digital, which has also filed for bankruptcy, was defaulted upon by 3AC.

While international cryptocurrency exchanges and businesses like Coinbase, Gemini, Crypto.com, and others planned to reduce its workforces, Singapore-based cryptocurrency exchange Bybit has announced the layoff of 2,000 employees.

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