Crypto Exchange Zipmex to Allow Users to Withdraw Some Tokens

The process starts with SOL, followed by XRP and ADA.

AccessTimeIconAug 2, 2022 at 3:33 p.m. UTC
Updated May 11, 2023 at 5:34 p.m. UTC

Crypto exchange Zipmex will release solana (SOL), cardano (ADA) and XRP tokens to users' wallets in the coming days after it blocked customers from direct custody of their coins last month.

  • The process starts Tuesday with SOL, followed by XRP on Thursday and ADA on Sunday, Zipmex said in a statement Monday.
  • Since July 20, customers haven't been able to transfer coins from their Z Wallets to their Trade Wallets, which has prevented them from being able to sell or trade the tokens.
  • The company is owed a net $48 million by Babel Finance and $5 million by Celsius Network, Zipmex said in a statement on its website.
  • Babel froze withdrawals in mid-June as volatile conditions in the crypto market led to a flurry of defaults relating to overleveraged firms such as Three Arrows Capital and Celsius.
  • Over the coming week, users will receive the full balance of the three tokens in their Trade Wallets.
  • "We realize many users will still have some BTC, ETH and stablecoins remaining in Z Wallet," Zipmex said. "We are working to ensure that we are in full compliance as we start to release some of these tokens into your Trade Wallet starting in the middle of August."

UPDATE (Aug. 9 15:00 UTC): Amends amount by Babel to Zipmex, and links to statement.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.