Share this article
Zipmex Confirms Loans Worth $53M to Babel and Celsius
CoinDesk reported Wednesday that the exchange's financial difficulties link back to crypto lender Babel Finance.
By Helene Braun
Updated May 11, 2023, 3:36 p.m. Published Jul 21, 2022, 6:05 p.m.
Singapore-based cryptocurrency exchange Zipmex said Thursday in a Facebook post offering further details on a deposit-withdrawal pause announced earlier this week that it lent money to the troubled crypto lenders Babel Finance and Celsius.
According to the Facebook post, the Zipmex exchange’s current exposure to Babel is $48 million, with an additional $5 million to Celsius, which filed for bankruptcy last week.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sources told CoinDesk on Wednesday that Zipmex lent as much as $100 million from a high-yielding program known as ZipUp to Babel, but a Babel spokesperson subsequently said that the loan was far smaller, while not disclosing the exact amount.
Both Babel Finance and Celsius suspended withdrawals in June amid market volatility.
Zipmex, which made headlines Wednesday for freezing withdrawals amid financial difficulties, said that “resulting financial difficulties of our key business partners” amid market volatility were part of the reason for the decision.
“Ever since the black swan events surrounding the crypto space, Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets,” according to the statement.
The exchange plans to write off the $5 million loan to Celsius and is in discussion with Babel to evaluate its options to resolve the issue, Zipmex wrote.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Lighter trading platform sees $250 million withdrawn 24 hours after airdrop
Bubblemaps CEO says outflows seen on Lighter on Dec. 31 are not uncommon as users rebalance hedging positions and move on to the next farming opportunity.
What to know:
- Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
- The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
- Large withdrawals post-token generation events are common as early participants exit, says CertiK's Natalie Newson.
Top Stories
