- Zipmex, a Southeast Asian cryptocurrency exchange, plans to restart customer withdrawals once a deal it signed with a venture capital firm last month is finalized.
- The company’s scheme manager, investment firm KordaMentha, aims to finalize withdrawals on the condition an investment deal will close by Mar. 21.
- Zipmex is facing a probe from Thailand’s securities regulator over whether it was operating without permission.
In November 2020, Zipmex found itself embroiled in a credit crunch due to its issuance of two loans worth $53 million that were not repaid. It is reported that the exchange is now under investigation from Thailand’s securities regulator over whether it was operating without permission. In order to avoid further financial issues, Zipmex reached an agreement with a venture capital firm and announced plans to restart customer withdrawals once the deal has closed.
To facilitate the withdrawal process, all eligible creditors are required to fill out a form with the amount owed by Feb. 21. Investment firm KordaMentha will then be able to finalize withdrawals on the condition that an investment deal closes by Mar. 21.
Status of Rescue Deal
According to Zipmex CEO Marcus Lim, the „rescue deal“ between Zipmex and the venture capital firm has been „signed but not closed.“ However he noted that progress has been made and they are hopeful for closure soon.