The cryptocurrency exchange Zipmex, which focuses on Southeast Asia, said it would resume withdrawals on Thursday after stopping them the day before. It was also working to fix its $53 million debt to cryptocurrency lenders Babel Finance and Celsius.
Zipmex said it was in talks with Babel Finance, which stopped withdrawals in June, to settle its $48 million debt to the crypto services company. A Babel Finance spokesperson said the company was actively working with Zipmex to prevent customer losses.
Zipmex said that it would write off its $5 million exposure to Celsius.
“Zipmex is looking at all options, such as raising money, going to court, and reorganizing,” the company said in a statement.
The company said in a tweet on Wednesday that it had stopped withdrawals. An executive of its Thai affiliate said that the move was due to liquidity problems at Babel Finance and Celsius.
Withdrawals in Thailand resumed late on Wednesday, except for transfers from one investment product. The company said withdrawals would be restored in other regions later on Thursday.
Zipmex, which says it operates in Singapore, Thailand, Indonesia, and Australia, is the latest crypto player in the world to run into trouble after a sharp sell-off in the markets that began in May with the collapse of two paired tokens, Luna and TerraUSD.
In a tweet on Wednesday, the company said that the suspension was due to “volatile market conditions and the resulting financial difficulties of our key business partners.”