Troubled Crypto Exchange Zipmex Is in Advanced Takeover Talks: Report

Cryptocurrency exchange Zipmex is in advanced discussions with venture capital fund V Ventures over the sale of a majority stake in the business, according to Bloomberg.

A Zipmex spokesperson told CoinDesk that negotiations are taking place and that nothing has been signed. The value of the deal remains undisclosed.

The exchange, which offered crypto trading and investment services in Thailand, Indonesia, Singapore and Australia, froze withdrawals after Babel Finance and Celsius Network failed to repay loans worth $53 million during a downturn across the crypto sector. Zipmex appointed a restructuring firm to assist with a recovery plan in August after filing for protection from creditors in July.

V Ventures is a subsidiary of Thoresen Thai Agencies, one of Thailand's largest and longest-serving investment firms.

In August, Zipmex said it was in "advanced talks" with two investors. Bloomberg said a deal is on track to be completed this week.