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Cryptocurrencies

Crypto crash spreads in Asia as Zipmex suspends baht withdrawals

Thai exchange faces liquidity risk from Celsius, Babel Finance

Akalarp encouraged customers to join a class action lawsuit that Zipmex Thailand is preparing to file against Zipmex Global.   © Reuters

BANGKOK/SINGAPORE -- Fallout from a series of bankruptcies plaguing cryptocurrency firms has reached Thailand, as crypto exchange Zipmex suspended trading and baht withdrawals.

Zipmex Thailand, the locally regulated entity, paused operations for an hour on Wednesday night, citing market volatility and liquidity problems faced by partner Zipmex Global Singapore. It was the first admission by an Asian firm of exposure to crypto lenders Celsius, which filed for bankruptcy protection last week, and Babel Finance, which is restructuring after halting withdrawals last month.

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