The Head Of Binance Expressed Concern About The Cryptocurrency Market
The head of the leading cryptocurrency exchange Binance, Changpeng Zhao (CZ), expressed his concern about what is happening in the market. He warned investors: now it is worth refraining from significant investments. This is because some projects have recently collapsed and gone bankrupt, and trading platforms freeze their clients’ funds amid sharp volatility. Zhao advised people to be careful and not use the services of exchange sites that are on the verge of survival.
He announced after another significant exchange, Zipmex in Southeast Asia, suspended the withdrawal function, citing “volatile market conditions.” Representatives of the platform said: that later they will announce when users will be able to withdraw their digital assets from the site accounts.
Representatives of the Singapore-based exchange Zipmex announced that they had made the difficult decision to suspend the withdrawal of funds due to external circumstances. The company assured us that they would try to do everything possible to deal with the problem as soon as possible. Rumours immediately spread in the media that the site was seeking additional funding from venture capitalists.
The crypto community was highly excited, and thousands of traders announced that they would sue the company, as they could not withdraw digital currencies to personal wallets due to the management of the trading platform.
Market experts recalled that similar precedents have already happened with Coinflex and CoinDCX, which temporarily suspended the functions of depositing and withdrawing digital funds after the collapse of the Celsius Network lending platform.