Asia's crypto exchange Zipmex gets a breather as Singapore Court extends moratorium to Dec 2
2 min read 15 Aug 2022, 07:49 PM ISTThe court directed the exchange to convene a town hall-style meeting with its creditor and customer base within 1 month. Issues like proposed investments and access to Z Wallets among others will be discussed in these meetings.
PremiumThe Singapore Court has given a breather to Asian crypto exchange Zipmex on Monday by extending the moratorium period by more than three months from its creditors. The Court extended the moratorium until December 2 for Zipmex's all five entities. Also, the court directed the exchange to convene a town hall-style meeting with its creditor and customer base within 1 month. Issues like proposed investments and access to Z Wallets among others will be discussed in these meetings.
In a statement, Zipmex said the Singapore Court guided that "the Applicants convene a town hall-style meeting with its creditor and customer base within 1 month from today. In this town hall, it will minimally be explained what the proceedings in Singapore mean for the creditors and customers, the state of proposed investments, the likelihood for the completeness of investors’ proposals and how serious they are, and when customers will be able to access their Z Wallets."
Further, Zipmex is required to update the court on the progress of the town hall and other discussions with creditors and provide a copy of the meeting minutes of the town hall, to the Court within 6 weeks from August 15.
Also, the court has directed Zipmex to consider whether creditors’ committees can be established.
The restructuring of the overall Zipmex Group and all the Applicant entities, including Zipmex Company Limited and PT Zipmex Exchange Indonesia continues apace in Singapore under Singapore’s insolvency laws, the statement said.
Zipmex is among other cryptocurrency exchanges that have halted their trading platform since July due to volatile market conditions. Although, Zipmax has allowed withdrawals of some tokens like Solana (SOL), Ripple’s XRP, and Cardano’s ADA to investors from their Z wallet. However, major cryptocurrencies such as Bitcoin and Ethereum remain locked up. Also, withdrawals on Zipmex’s yield-based program ZipUp+ continue to be suspended.
Last month, on July 22, the exchange'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.
These entities who have sought the moratorium relief in the applications are - Zipmex Asia Pte; Zipmex Pte; Zipmex Company Limited (incorporated in Thailand); PT Zipmex Exchange Indonesia (incorporated in Indonesia); and Zipmex Australia Pty Ltd (incorporated in Australia).
Zipmex is Asia’s leading digital asset exchange providing high liquidity and insurance on assets. The exchange operates in Singapore, Australia, Indonesia, and Thailand.
