Crypto Exchange Zipmex to Restart Customer Withdrawals After Closing Takeover Deal

Zipmex, the South East Asian cryptocurrency exchange that found itself embroiled in a credit crunch last year, will reopen customer withdrawals after it closed a deal with a venture capital firm last month.

All eligible creditors are required to fill out a form with the amount owed by Feb. 21, with the company’s scheme manager, investment firm KordaMentha, aiming to finalize withdrawals by Mar. 21, according to an announcement.

A rescue deal, which was in «advanced talks» in November, has been signed — according to a person familiar with the matter.

«The venture firm signed the deal terms and has been providing money in tranches,» they said.

Zipmex was one of several firms that found itself in trouble following last summer’s market collapse that spawned out of the implosion of Terra and its algorithmic stablecoin UST. It issued two loans to Babel Finance and Celsius Network worth $53 million, neither of which has been repaid.

It was reported last month that Zipmex is facing a probe from Thailand’s securities regulator over whether it was operating without permission.

Read more: Crypto Exchange Zipmex Faces Probe From Thai Securities Regulator: Bloomberg

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