Asia cryptocurrency exchange Zipmex Pte was granted more than three months of protection from creditors by Singapore’s High Court, giving the troubled firm breathing room to come up with a funding plan.
Justice Aedit Abdullah gave each of the five Zipmex entities a moratorium until Dec. 2. That will shield the companies from potential creditor lawsuits. The firm operates out of Singapore, Thailand, Indonesia and Australia and was seeking a five-month protection from creditors to form a restructuring plan.
The trading platform ran into a cash crunch after its exposure to crypto lender Babel Finance soured. Zipmex recently allowed partial withdrawals after shutting them down late last month.
Crypto Platforms Facing Liquidity Problems
The tally so far
Zipmex’s moratorium comes after a decision earlier this month by Justice Abdullah to grant the parent company of Vauld, another crypto firm with local operations, a three-month protection from creditors.
Vauld, a distressed crypto lender,...
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