Zipmex Asks Court to Protect It from Creditors Until April 2023
Troubled cryptocurrency exchange Zipmex is asking the Singaporean court for the extension of the moratorium until April 2, 2023, to support the «restructuring efforts,» the firm wrote in a blog post.
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The Thailand-based trading platform said that the establishment of the creditor committee might «bring unfair treatment to other creditors in different countries and create financial burden to the management fund.»
In September, Thai Securities and Exchange Commission (SEC) said that Zipmex and its CEO, Akalarp Yimwilai, failed to meet a deadline for sending the information regarding cryptocurrency transactions and wallets. The SEC added that the exchange is now facing a penalty under Section 75 of the Digital Assets Act for failing to meet compliance requirements.
Thai Crypto Exchange Zipmex Suspends Withdrawals
Zipmex filed for bankruptcy protection against its Singaporean creditors in July this year after it had suspended withdrawals for all of its users, citing a «combination of circumstances» beyond its control. The cryptocurrency exchange says that the moratorium will help it to protect «against third party actions, claims, and proceedings.»
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