Cryptocurrency exchange Zipmex Pte plans to allow investors to withdraw certain tokens from their trading wallets. Zipmex announced that all Solana (SOL) tokens will be deposited into investors’ trade wallets on Tuesday. The company has also set a timeline for other tokens such as Ripple’s XRP and Cardano’s ADA. However, major cryptocurrencies such as bitcoin and ethereum remain closed. Due to volatile market conditions, the crypto exchange in Asia halted its trading platform in July.
In an official announcement, Zipmex said, “solana (SOL) has been credited to your Z Wallet to Trade Wallet on 2nd August 2022.”
Zipmex has set the release date for August 4 XRPand is scheduled for August 9th for ADA tokens.
However, withdrawals from Zipmex’s yield-based program Zipup+ continue to be suspended.
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.
Last week, Thailand’s Securities and Exchange Commission ordered the exchange’s Thai unit to lift its ban on certain cryptocurrencies.
Recently, Zipmex stated that they continue to work towards resolving their liquidity situation and re-enabling Z Wallet for all users.
On 22 July, Morgan Lewis Stamford LLC, solicitor of the exchange in Singapore, 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).
Under Singapore law, companies have been provided with an automatic moratorium for a period of 30 days; or until the Singapore Court decides the applications, whichever is earlier.
In a statement on July 22, Zipmex said, the moratorium will give the Zipmex Group the breathing space and time it will need to explore options to resolve the liquidity situation (including pursuing recovery against Babel Finance), and secure additional investments to prepare a restructuring plan and to secure Zipmex Group’s operations going forward.
The company is also at an advanced stage for potential investments from parties including investors.
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