Crypto exchange Zipmex meets with the Securities Commission of Thailand to discuss its recovery plan
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Answer Crypto exchange Zipmex meets with the Securities Commission of Thailand to discuss its recovery plan
The embattled cryptocurrency exchange Zipmex has taken action and has taken several steps in its attempt to fix its financial problems.
Singapore-based platform Zipmex, which filed for bankruptcy protection in July 2022, told Singapore it was seeking a meeting with potential investors and regulators ahead of a new fundraising plan.
The platform has also re-enabled its Z wallet, which allows users to receive rewards and earnings.
Zipmex has requested a meeting with the Securities Commission (SEC) of Thailand and government agencies.
Zipmex hopes to be able with the participating parties to discuss the recovery plan, and potential investors will attend this meeting as well.
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The platform also revealed that it was working with representatives from KordaMentha, who will act as financial advisors and proposed scheme managers to assist Zipmex as it navigates its financial restructuring.
The company stated that the optimal outcome of the restructuring is to maximize returns to all stakeholders including our customers and sellers’ creditors.
The series of developments is a step forward for the platform, which like many others were affected by the downfall of Celsius Network and Babel Finance.
In total, the two platforms owed Zipmex more than $50 million.
The trading platform has resumed withdrawals for Trade Wallet, after it temporarily suspended all withdrawals on the platform in July.
Zipmex works with Babel Finance to guarantee the money back.
It also reported earlier that it had signed a memorandum of agreement with two investors.
The platform has also taken multiple steps forward to ease its position.
It first revealed that it was open to potential acquisitions in July.
A few days later, she filed for bankruptcy protection, saying she wanted to focus entirely on solving liquidity problems.
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Singapore’s Supreme Court granted Zipmex three months credit protection, easing some of the burden on the platform.
Meanwhile, there was a request for CEO Marcus Lim to resign, who said it was up to the board and shareholders whether that would happen or whether they would reject his request.
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