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Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court
The company's request for a three-week extension of creditor protection to last until April 23 was also granted.
Thai crypto exchange Zipmex's scheme of arrangement, or restructuring plan, has been approved by the Singapore High Court, paving the way for customers to get their deposits back.
The court approved the creation of an "administrative convenience class" for creditors with assets in their wallets not exceeding $5,000, according to a Thursday update on Zipmex's website.
STORY CONTINUES BELOW
Zipmex's request for a three-week extension of creditor protection to last until April 23 was also granted.
The Thai crypto exchange froze withdrawals last year after experiencing a liquidity crisis following the collapse of Terra and its algorithmic stablecoin UST.
Zipmex is in the process of completing a $100 million venture capital buyout by fellow Thailand-based firm V Ventures. The sale appeared to hit a roadblock last week when it was reported that V Ventures missed a $1.25 million payment, which could have resulted in Zipmex having to liquidate its technology unit unless rectified.
Read more: Voyager Bankruptcy Judge Says He Is ‘Absolutely Shocked’ by SEC Objection to Binance.US Deal
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
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