Crypto Exchange Zipmex to Allow Users to Withdraw Some Tokens

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 exchange was facing a loss of $100 million in funds lent to crypto lender Babel Finance. 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 Network.

• 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."

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