Zipmex gets 3 month protection in Singapore amid halted withdrawals
Troubled crypto exchange Zipmex has time to come up with a restructuring plan by Dec. 2 after halting withdrawals in July. Cryptocurrency exchange Zipmex has gotten a chance to sort out liquidity issues as a Court in Singapore has granted the firm with more than three months of creditor protection . Singapore’s High Court has ruled to give each of the five Zipmex entities a moratorium until Dec. 2, 2022 to come up with a restructuring plan, Bloomberg reported on Monday. The action aims to protect Zipmex from potential creditor lawsuits during the moratorium period after the exchange abruptly halted crypto withdrawals on its platform in mid-July. The cryptocurrency has since resumed partial withdrawals from Zipmex’s trade wallet but is yet to resume all withdrawals. Zipmex sought creditor protection for a period of six months subsequently after halting withdrawals, filing five moratorium applications on July 27. The exchange cited liquidity issues due to exposure to the cryptocurrency ...