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Monday, 1 August 2022

Monday, 1 August 2022
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 * Singapore Crypto Exchange Zipmex Files For Bankruptcy Protection

(Image: Pexels)
FINANCE Friday, 29 July 2022 16:31


SINGAPORE CRYPTO EXCHANGE ZIPMEX FILES FOR BANKRUPTCY PROTECTION

 * Celsius Network Files for Bankruptcy
 * Three Arrows Founders Gone Missing



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Yet another crypto firm is facing the music, this time Singapore-based Zipmex
which has filed for bankruptcy protection in the city-state.

Zipmex has filed for bankruptcy protection in Singapore, according to a
statement, marking the latest cryptocurrency company that has been hit by market
turbulence following the collapse of stablecoin TerraUSD and sister token Luna. 

While Zipmex recently said it would write off a $5 million exposure to crypto
lender Celsius, it will look to pursue recovery against fellow lender Babel
Finance over a $48 million exposure.



Zipmex submitted five applications to prohibit legal proceedings against the
crypto exchange for up to six months while such a filing alone grants companies
an automatic moratorium for 30 days, according to Singapore law, or, if earlier,
when a court makes a decision on the application.

Thailand Regulator

Zipmex is also facing troubles in Thailand where the Securities and Exchange
Commission said earlier this week that it was working with law enforcement to
look into potential losses amongst the public following the temporary suspension
of withdrawals. 

According to its website, Zipmex currently operates in Singapore, Thailand,
Indonesia and Australia.




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