Continue reading this on our app for a better experience

Open in App
Floating Button
Home News Cryptocurrency

Troubled crypto exchange Zipmex says mulling possible offer

Bloomberg
Bloomberg • 1 min read
Troubled crypto exchange Zipmex says mulling possible offer
Zipmex is the latest to encounter financial difficulties stemming from dealings with troubled crypto leaders. Photo: Bloomberg
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Zipmex, a cryptocurrency exchange that operates in markets like Singapore and Thailand, said on Sunday it was considering a possible offer after talks with interested parties, and that due diligence should commence.

The Asian platform was among several in the digital-assets industry encountering financial difficulties in recent weeks. On Thursday, it halted withdrawals as the fallout from a series of defaults spread further throughout the industry.

Zipmex’s chief marketing officer Proud Limpongpan declined to elaborate on the negotiations, citing a confidentiality clause.

Important Announcement
Our conversations with various interested parties have progressed significantly. One of those parties has offered terms in an MOU which includes confidentiality obligations so as to be able to commence Due Diligence. #zipmex

— ZIPMEX (@zipmex) July 24, 2022

On Friday, Zipmex tweeted it would resume allowing withdrawals but only from Trade wallet “until further notice.”

See also: Digital Assets Association launches to connect tradfi and tokenised real world assets

The platform is the latest to encounter financial difficulties stemming from dealings with troubled crypto leaders Babel Finance and Celsius Network Ltd. Zipmex has US$48 million ($66.6 million) of exposure to Babel and US$5 million with Celsius, it said on its Facebook page on Thursday.

Highlights

Re test Testing QA Spotlight
1000th issue

Re test Testing QA Spotlight

Get the latest news updates in your mailbox
Never miss out on important financial news and get daily updates today
×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.