Zipmex enables up to $153 worth of ETH withdrawals Zipmex enables up to $153 worth of ETH withdrawals
The lender, which returned all SOL, XRP and ADA tokens to users over the past week, will allow withdrawal of up to 0.0045 BTC from Aug. 16.
2 min read
Updated: Aug. 11, 2022 at 4:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Zipmex, the lender that had halted customer withdrawals on July 20, is allowing customers to access and withdraw up to 0.08 Ethereum (ETH) tokens, worth around $153 at the time of writing, starting Aug. 11
The firm will transfer the ETH tokens from the users’ Z wallets, used to earn interest and bonus, to the Trade wallets, used for trading and withdrawing. The customers would then be able to withdraw the Ethereum tokens to their private wallets.
All users with less than 0.08 ETH in their Z wallets will receive their assets in full in the Trade Wallets. However, those with over 0.08 ETH will have to wait for further updates.
The firm will also enable users to withdraw 0.0045 Bitcoins (BTC), worth about $111 at the time of writing, from Aug. 16, according to the official statement. The tokens will similarly be transferred from the Z wallets to the Trade wallets.
According to Zipmex, these transfers will allow most of its users to receive their assets in full in regard to five tokens — Bitcoin and Ethereum, as well as Solana (SOL), Ripple (XRP), and Cardano (ADA), which were fully returned to customers over the last week.
However, the lender added that the reinstatement of these withdrawals is just one step towards the larger goal of returning all customer assets.
In its statement, Zipmex said:
“We remain committed to complete transfers of all customers’ assets in a gradual manner and to accelerating all actions to resume the full service of Z Wallet.”
The firm added that it remains committed to building its native ZMT token, which received an additional investment from an existing backer. Zipmex is also trying to resume the functioning of its Z wallet, it added in the statement.
Thailand unfazed by crypto credit crisis
When Zipmex abruptly halted withdrawals last month, Thailand’s crypto and securities watchdog, the Securities and Exchange Commission (SEC) asked the firm to offer more clarifications. Zipmex operates across Southeast Asia and is registered with the Thailand SEC.
The SEC later launched a public investigation to assess the impact of Zipmex’s withdrawal freeze. The lender then filed for a moratorium in Singapore to protect itself against legal action from creditors.
But despite the launched inquiry into Zipmex, the SEC is seemingly not worried as it approved four more crypto licenses last week. This included crypto broker Krungthai XSpring, exchange T-BOX Thailand, crypto advisor, and fund managers Coindee and Leif Capital Asset Management.
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Author 
Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,349.97
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$259.718
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
XRP
$1.54842
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Cardano
$1.09261
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.