Zipmex seeks extension of creditor-protection moratorium

The Thai cryptocurrency exchange Zipmex has filed for creditor protection with the Singapore court until April 2, 2023.

📢 Important Announcement 📢

For the past 3 months after the Singapore Court has granted Zipmex Group moratorium relief, Zipmex has been in constant contact with regulators to provide them with regular updates on the evolving situation. pic.twitter.com/gHZzN7nkOn

— ZIPMEX (@zipmex) November 18, 2022

“Zipmex is working to ensure that in all our actions we adhere to what best serves the interests of our customers,” the statement said.

The source CoinDesk reported that the extension of the filing was prompted by ongoing talks between the exchange and an investor about a takeover. According to the source, the parties may agree on the terms of the deal “as early as next week.”

Earlier it emerged that Zipmex is close to signing a $100 million deal with venture firm V Ventures. The latter is prepared to provide the funds in exchange for 90% of the trading platform’s shares and is its current investor.

Zipmex faced a liquidity crunch after problems emerged with its partners — Babel Finance and Celsius Network. On July 20 it suspended withdrawals, citing an event beyond its control.

Days later the exchange partially resumed deposits and withdrawals, and later turned to the Singapore court for creditor protection.

On August 15 the platform secured an extension of the moratorium to December 2.

Earlier, the Thai Securities and Exchange Commission filed a police report against Zipmex and its co-founder Akalarp Yimvilaiya.

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