Crypto Exchange Zipmex Secures Creditor Protection Extension as Court Sets Deal Deadline

Zipmex, the South Asian crypto exchange that froze withdrawals because of a lack of liquidity earlier this year, has secured creditor protection for all its entities until April next year, according to an update on the company's website.

The extension was granted by Singapore's High Court alongside a directive that states any takeover deal for Zipmex must be completed by Dec. 21. On Nov. 18, Zipmex was still in "advanced talks" in terms of a rescue deal, according to a person familiar with the matter.

Zipmex is one of several crypto companies that became embroiled in this year's bear market after a series of $53 million loans to Babel Finance and Celsius Network failed to be repaid. It froze withdrawals in July and appointed a restructuring firm in August to assist with a recovery plan.

Bloomberg reported last month that the entity looking to purchase Zipmex is venture capital fund V Ventures, a subsidiary of Thoresen Thai Agencies, one of Thailand's largest and longest-serving investment firms.