Zipmex, a cryptocurrency exchange, has filed for bankruptcy in Singapore

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Last Updated on July 31, 2022 by Bitfinsider

Zipmex, a Southeast Asia-focused cryptocurrency exchange, has filed for bankruptcy in Singapore, becoming the latest victim of the global digital currency downturn.

Zipmex, based in Singapore, resumed withdrawals last week, a day after suspending them on July 20, and stated that it was working to address its $53 million exposure to crypto lenders Babel Finance and Celsius.

Zipmex’s solicitors filed five applications on July 22 seeking moratoriums to halt legal proceedings against the cryptocurrency exchange for up to six months, according to the cryptocurrency exchange.

Under Singapore law, such a filing triggers an automatic moratorium of 30 days, or until a Singapore Court rules on the application, whichever comes first.

According to its website, Zipmex operates in Singapore, Thailand, Indonesia, and Australia, and is the latest in a string of crypto players worldwide to face difficulties following a sharp sell off in markets that began in May with the collapse of two paired tokens, Luna and TerraUSD.

Thailand’s Securities and Exchange Commission said on Monday that it was collaborating with law enforcement to investigate potential public losses after Zipmex temporarily suspended withdrawals.


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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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