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Bangkok Post

Business

Crypto woes spread as Celsius, Babel links hit another exchange

Zipmex Celsius Crypto Singapore Cryptocurrency Thailand Three Arrows Capital

People visit Crypto Expo 2022 at Bitec Bang Na, Bangkok, on May 12, 2022. (Photo: Arnun Chonmahatrakool)

Zipmex, a cryptocurrency exchange that operates in Singapore and Thailand, has halted withdrawals as the fallout from a series of defaults spreads further throughout the digital-assets industry.

The Asian platform is the latest to succumb to financial difficulties stemming from exposure to troubled crypto lenders Babel Finance and Celsius Network Ltd, according to Zipmex (Thailand) chief executive Akalarp Yimwilai.

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