Crypto Exchange Zipmex Files for Moratorium Extention on Protection From Creditors

Reading Time: < 1 minute

Thailand-based cryptocurrency exchange Zipmex has filed a petition with the Singapore court for protection from creditors until April 2, 2023.

According to the announcement:

“Zipmex is working to ensure that in all of our activities, we stick to what is in the best interests of our customers.”

The reason for the prolongation of the application was reportedly the ongoing negotiations between the exchange and the investor on the takeover. According to it, the parties can agree on the terms of the deal “as early as next week.”

Zipmex is close to signing a deal for $100 million with venture capital firm V Ventures, which is ready to allocate funds in exchange for 90% of the shares of the trading platform and is its current investor.

Zipmex is facing liquidity problems after partners Babel Finance and Celsius Network run into trouble.