Shortly after resuming withdrawals for some altcoins, Asian crypto exchange Zipmex announced that it will be easing withdrawal amounts of Bitcoin and Ether later this week.



The statement comes after the platform had assured its users on August 4 that it is “committed to resuming all services on the Zipmex platform ASAP and to rebuild confidence and alleviate customer concerns.”



August 11, 16 earmarked for release



Zipmex, a cryptocurrency exchange with offices in Singapore and Thailand, announced a  temporary halt to client withdrawals  from the platform back on July 20. While the exchange blamed falling crypto asset prices and loan defaults by industry heavyweights for the decision, it said it will resume withdrawals less than 24 hours after suspending operations.



Now, despite the  exchange’s battle with Babel  and Celsius, it intends to release a specific amount of ETH and BTC on August 11 and 16, respectively.




Zipmex is planning to release a specific amount of ETH and BTC on 11 and 16 August respectively. We’re working hard to release the balance of Z Wallet holdings ASAP. Thank you for your ongoing patience and support. Zipmex Team #Zipmex pic.twitter.com/moywJffXau — ZIPMEX (@zipmex) August 8, 2022




Previously on August 2, 100% of users’ SOL was released, 100% of XRP was announced for release on August 4, and Zipmex said it will make 100% of ADA available on August 9, 2022. Stablecoins, on the other hand,  will remain inaccessible  for the time being.



Meanwhile, in Singapore,  Zipmex has requested bankruptcy protection  to address its financial concerns by way of a moratorium for five of its businesses. While the hearing is to take place on August 15, it is crucial to reiterate that Zipmex has raised a total of $62.9 million in investment over the course of 6 rounds. As per  Crunchbase , Coinbase and B Capital Group were the most recent investors.



That said, co-founder Akalarp Yimwilai had also stated on Twitter last month that the “primary objective at this stage is to raise funds and open up Z Wallet as soon as possible.”




We reiterate that we have an audit trail and written evidence on all sequence of events. However, our primary objective at this stage is to raise funds and open up Z Wallet as soon as possible. — Akalarp Yimwilai (@akalarp) July 29, 2022




Will the Singapore court go the Vauld way?



Just last week, the High Court of Singapore granted the troubled cryptocurrency lender Vauld a three-month moratorium period. As a result, the corporation will be effectively protected from any prospective legal action from creditors during this time. Therefore, a similar route for  Zipmex will allow  the platform to resolve its liquidity issues and re-enable its Z wallet.



Just to reiterate, Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Thailand-based Zipmex Company Limited, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd are among the businesses asking for assistance under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. According to Singaporean legislation, these businesses must be given an automatic moratorium for 30 days or until the court issues a ruling.



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