Investors in the cryptocurrency exchange Zipmex want CEO Marcus Lim to step down

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Last Updated on August 15, 2022 by Bitfinsider

People with knowledge of the situation indicated that several shareholders and potential investors of Asian cryptocurrency exchange Zipmex Pte Ltd are calling on chief executive officer Marcus Lim to resign over management choices they claim caused a serious liquidity shortage.

On Monday (Aug. 15), Singapore’s High Court awarded Zipmex more than three months of protection from creditors. Zipmex had previously limited withdrawals because its finances were harmed by exposure to failing cryptocurrency lender Babel Finance. The delay will give the company more time to develop a funding strategy.

According to a source, a significant Zipmex stakeholder has written to Lim urging him to step down, citing a breakdown in trust between partners and the consequences of the Babel revelation. However, the number of investors that are in favor of Lim’s removal is unclear.

Lim said in a statement to Bloomberg: ““The internal matter of senior executive positions (including responses to this letter) is being handled by the board and shareholders.” He further added: “We will be dealing with this privately, and after we have resolved the operational issues.”

Even though the corporation has let certain token withdrawals from customers, any full relaxation would necessitate a cash infusion into Zipmex, the sources claim. Some possible investors that are keen to contribute to Zipmex’s proposed fundraising want Lim to step down before committing to contribute money.

According to the sources, the corporation will host an extraordinary general meeting on Wednesday to consider the matter. Almost 25% of Zipmex is owned by Lim.

According to a statement on its website, Zipmex is conducting due diligence and is in discussions with a number of investors about raising capital. According to Proud Limpongpan, chief marketing officer of Zipmex, the management team is working to close a deal as soon as possible to give customers liquidity.

“There has been a lot of investor interest in Zipmex,” Proud said. “At the core, we are still very strong as a company. However, it is not abnormal for there to be requested changes at the management level.”

Along with other cryptocurrency companies including Celsius Network, Voyager, Vauld, and Hodlnaut, Zipmex is experiencing a liquidity crisis. Their problems came after a US$2 trillion (RM8.91 trillion) digital asset market collapse that resulted in leveraged bets imploding throughout the sector and setting off a series of defaults.

According to its website, Zipmex has a license from the Securities and Exchange Commission of Thailand to trade digital assets. Additionally, it has offices in Australia and Indonesia.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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