Zipmex to Meet Thai SEC and Potential Investors to Discuss Recovery Plan

Zipmex has asked for a meeting with regulators and potential investors to present a recovery plan. The exchange also re-enabled its Z wallet.

Beleaguered crypto exchange Zipmex has made multiple developments in its bid to fix its financial woes. The Singapore-based exchange, which filed for bankruptcy protection in July 2022, said that it was seeking a meeting with potential investors and regulators ahead of a fund-raising plan.

The exchange also re-enabled its Z wallet, which allows users to receive bonuses and earnings.

Zipmex has asked for a meeting with the Securities Exchange Commission (SEC) in Thailand and government agencies. The hope is that together they will be able to discuss the recovery plan, and the potential investors will attend this meeting as well.

The exchange also revealed that it was working with representatives from KordaMentha, who will work as financial advisors and proposed scheme managers to help Zipmex as they navigate financial restructuring. The firm stated that the optimal outcome for the restructuring is to “maximize the returns for all stakeholders including our customers and vendor creditors.”

The string of developments is a move forward for the exchange, which like many others was affected by the fall of Celsius Network and Babel Finance. In total, the two platforms owed Zipmex over $50 million. The exchange had resumed withdrawals for its Trade Wallet, after having paused all withdrawals on the platform in July.

Zipmex is working with Babel Finance to ensure that the funds are returned. It also previously said that it had signed a Memorandum Of Agreement (MOU) with two investors.

The exchange has been taking multiple strides forward to ease its situation. It first revealed that it was open to possible acquisitions in July. A few days later, it filed for bankruptcy protection, saying that it wanted to focus fully on resolving liquidity issues.

The Singapore High Court has granted Zipmex three-month creditor protection, which eases some of the burdens on the exchange. Meanwhile, there was a request for the resignation of CEO Marcus Lim, who said that it was up to the board and shareholders whether that would happen.