In financial difficulty, following its substantial exposure to Babel Finance and Celcius, the Asian exchange Zipmex is asking that the moratorium protecting it be extended.
Indeed the company’s lawyers have filed five applications for moratoriums, under the law on insolvency, restructuring and dissolution in Singapore. Several Zipmex entities would be affected. The exchange re-allowed withdrawals on its platform earlier this month, but it is now working to resolve the crisis situation related to its loss of liquidity.
By default, a 30-day moratorium is automatically put in place when submitting a request. The group is now asking for this deadline to be extended, for up to six months. The aim is to restrict, or even prohibit, the launching of legal proceedings against him.
The request is similar to one filed by Vauld, another Asian platform that abruptly halted customer withdrawals earlier this month, and which has more than $400 million in debt.
Leave the big players in the ecosystem to their problems. Stay calm, and set up your own investment strategy with complete peace of mind! Sign up today on Bitstack and earn 5€ of Bitcoin with the code JDC5 (commercial link)!