Cryptocurrency Exchange Zipmex Seeks Bankruptcy Protection

Cryptocurrency exchange, Zipmex said it has filed for bankruptcy protection in Singapore.
On 22 July 2022, Zipmex’s solicitors in Singapore, Morgan Lewis Stamford LLC, filed five applications under Section 64 of Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 on behalf of several of the Zipmex Group’s entities.
The exchange has sought global moratoriums to prohibit and restrain the commencement or continuation of proceedings against the companies for a period of up to six months.
The companies include Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Zipmex Company Limited (incorporated in Thailand), PT Zipmex Exchange Indonesia (incorporated in Indonesia), and Zipmex Australia Pty Ltd (incorporated in Australia).
Zipmex expects the moratoriums to provide the space to explore options to resolve the liquidity situation and come up with a restructuring plan to secure its operations.
Zipmex is the latest among a bunch of global crypto players to run into difficulties following a sharp selloff in markets, Reuters reported.
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