Page 57 - Three Arrows News Today

Zipmex files for bankruptcy protection in Singapore, becoming latest victim of global downturn in digital currencies

Singapore-based Zipmex resumed withdrawals last week, a day after suspending them on July 20, and said it was working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.

The Southeast Asia-focused cryptocurrency exchange said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies.

It was reported that, the Federal Reserve and Federal Deposit Insurance corporation, sent a letter to the crypto lending company to stop the claims about the FDIC. As the matters were investigated further, it came into notice that, the company just had a deposit account with the bank and none of the funds of the users of voyager was FDIC insured.

The Department of the Treasury is reportedly investigating crypto exchange Kraken on suspicion that it permitted Iranian users to use the site's services in violation of federal sanctions. [...]

The Singapore-based firm is the latest victim of the global downturn in digital currencies. Read more at straitstimes.com.

Bitcoin’s rally began after the Federal Reserve hiked interest rates on Wednesday, but signaled that the pace of such rises could slow.

Cryptocurrency exchange Zipmex has filed for bankruptcy protection in Singapore despite resuming withdrawals after a brief suspension earlier this month.

Crypto markets are shrugging off higher interest rates and slowing GDP in the U.S.

Voyager Digital Assets, Inc., a leading cryptocurrency brokerage and lending platform, filed for Chapter 11 bankruptcy protection on July 5, 2022 in the Southern District of New York...