Crypto Exchange Zipmex Sanctioned Limited Withdrawal

Crypto Exchange Zipmex Sanctioned Limited Withdrawal
  • Zipmex  restored users’ access to their balances, allowing them to withdraw 0.08 ETH.
  • On August 16, users will also be able to withdraw 0.0045 BTC.

Zipmex, a recently defunct cryptocurrency exchange, has only partially restored users’ access to their ETH balance. Now, Zipmex users who own ETH can withdraw money, but only up to 0.08 ETH.

According to Zipmex, all Ethereum owners would get up to 0.08 ETH via Zipmex’s Z Wallet. All users will receive the same amount when that balance is deposited into their trade wallets. Assets will be distributed in full to those with less than 0.08 ETH in their holdings. 

Soon Zipmex Will Restore Bitcoin Access 

Similar to this, Zipmex will restart Bitcoin access on August 16. At that moment, exchange users will earn 0.0045 BTC . The company earlier announced on August 2 that users would be able to withdraw their money in Solana (SOL), XRP (XRP), and Cardano (ADA). Users have complete access to withdraw each of these amounts.  

In the same announcement, it also announced plans to offer withdrawals for Ethereum and Bitcoin at a later date. nonetheless, failed to mention that those withdrawals would only be partial. However, Zipmex hinted in a tweet on August 8 that it would only release a certain amount of Bitcoin and Ethereum, suggesting that Zipmex would only permit partial withdrawals of both tokens.

The exchange first stopped allowing withdrawals on July 20. At the end of July, Zipmex also filed bankruptcy protection, shielding it from creditor’s demands and legal action while it works to reestablish its financial stability.

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