Aditya Hadi Pratama · · 2 min readSG crypto exchange Zipmex files for moratorium amid liquidity problem
Zipmex, a Singapore-based crypto exchange platform, has filed an application for a moratorium in local courts. The application involves the firm’s entities in Singapore, Thailand, Indonesia, and Australia.
If approved, it will prohibit any order or resolution to wind up the firm and the continuation of any proceedings against it for six months.
Zipmex CEO Marcus Lim / Photo credit: Zipmex
In a statement, Zipmex said that the moratorium will allow it to focus on resolving its liquidity situation, including pursuing recovery from its exposure to Babel Finance. The firm is also in the process of creating a restructuring plan and raising additional investment to continue operations.
“There has been committed expressions and formal registered interest from various parties, and we are in advanced stages of negotiations with them,” the company said.
Earlier this month, Zipmex halted customer withdrawals amid a shaky crypto scene. On July 22, it opened withdrawals for its trading wallet, with other services such as its NFT platform operating like usual. However, transfers, deposits, and trades functions of its Z Wallet feature will continue to be disabled until further notice.
This month, crypto platform Vauld also filed a similar moratorium application in Singapore court due to its exposure to Terra’s failed stablecoin UST.
See also: A who’s who of projects facing frostbite in the crypto winter (Updated)
Editing by Miguel Cordon and Lorenzo Kyle Subido
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