Cryptocurrency exchange Zipmex has requested another extension to allow a longer suspension of its debt in Singapore amid the company's liquidity problems.
In an April 18 announcement, Zipmex said it was currently in talks with investors to try to "maximize returns for customers" following the delay in payments. The company said its Asian unit had applied to a Singapore court to extend the existing moratorium by two months. According to the exchange, it will use the extra time to plan and reopen Z Wallet withdrawals.
Zipmex originally applied for a payment moratorium, allowing the company to defer payments in July, a year of turmoil in the crypto market the company has about $5 million in Celsius exposure. The platform suspended withdrawals earlier that month, while CEO Marcus Lim did not deny reports that the company was facing bankruptcy. A Singapore court granted Zipmex's request for a stay, giving the company until December 2022 to come up with a restructuring plan. However, the platform continues to ask for extensions to the moratorium, most recently pushing its deadline back to June.
It was unclear which investor Zipmex was referring to in its latest announcement. In March, venture capital firm V Ventures reportedly withheld payments of more than $1 million to Zipmex to avoid liquidating certain operations and halting employee salaries.
