A Singapore court on Monday granted relief to Asian crypto exchange Zipmex from its creditors by extending the moratorium period by more than three months. The court extended the adjournment till December 2 for all the five entities of JIPMEX. Also, the court directed the exchange to convene a town hall-style meeting with its creditors and customer base within 1 month. Issues such as proposed investments and access to Z Wallet will be discussed in these meetings.
in a statement, zipmex said that the Singapore Court directed that “the applicants shall convene a Town Hall-style meeting with their creditors and customer base within 1 month from today. What the proceedings in Singapore mean for this, the status of the proposed investment, the likelihood and seriousness of the fulfillment of investors’ proposals, and when customers will be able to use their Z Wallet.”
In addition, JIPMEX is required to update the Court on the progress of the Town Hall and other discussions with creditors and provide a copy of the Town Hall meeting minutes to the Court within 6 weeks from August 15.
Also, the court has directed JIPMEX to consider whether committees of creditors can be set up.
The reorganization of the Zipmex Group and all applicant entities, including Zipmex Company Limited and PT Zipmex Exchange Indonesia, is proceeding swiftly in Singapore under the Singapore insolvency laws, the statement said.
Zipmex is one of the other cryptocurrency exchanges that has halted its trading platform since July due to volatile market conditions. However, Zipmax has allowed investors to withdraw certain tokens such as Solana (SOL), Ripple’s XRP, and Cardano’s ADA from their Z Wallet. However, major cryptocurrencies such as Bitcoin And Ethereum remains closed. Additionally, withdrawals on Zipmex’s yield-based program Zipup+ continue to be suspended.
Last month, on 22 July, the exchange’s solicitor in Singapore, Morgan Lewis Stamford LLC, filed five applications under section 64 of the Singapore Insolvency, Reorganization and Dissolution Act 2018 on behalf of several entities of the Zipmex Group.
The entities seeking moratorium relief in applications are – Zipmex Asia Pte; Zipmex Pte; Zipmex Company Limited (Incorporated in Thailand); PT Zipmex Exchange Indonesia (Incorporated in Indonesia); and Zipmex Australia Pvt Ltd (Incorporated in Australia).
Zipmex is Asia’s leading digital asset exchange that offers high liquidity and insurance on assets. The exchange operates in Singapore, Australia, Indonesia and Thailand.
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