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Troubled Crypto Exchange Zipmex Wants Bankruptcy Protection

Southeast Asian cryptocurrency exchange Zipmex submitted several moratorium applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 last Friday on behalf of five of its entities, the company announced today.
Zipmex Files for Moratorium ReliefMoratorium relief protects debtors from legal action by creditors for a certain period.
In its official announcement, Zipmex said it is seeking protection from its creditors’ claims and proceedings for up to six months.
The company noted that the debt relief period would help its team focus on resolving its liquidity issues, adding that it plans to continue serving customers.
Meanwhile, Thailand’s Securities and Exchange Commission (SEC) has reportedly sent a letter to Zipmex, demanding that the company clarify its reasons for applying for moratorium relief in a Singapore court.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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