Troubled crypto exchange Zipmex mulling possible offer

SINGAPORE (BLOOMBERG) – Zipmex, a cryptocurrency exchange that operates in markets like Singapore and Thailand, said on Sunday (July 24) it was considering a possible offer after talks with interested parties, and that due diligence should commence.

The Asian platform was among several in the digital asset industry encountering financial difficulties in recent weeks. On Thursday, it had halted withdrawals as the fallout from a series of defaults spread further throughout the industry.

Zipmex chief marketing officer Proud Limpongpan declined to elaborate on the negotiations, citing a confidentiality clause.

On Friday, Zipmex tweeted it would resume allowing withdrawals but only from its trade wallet “until further notice”.

The platform is the latest to encounter financial difficulties stemming from dealings with troubled crypto lenders Babel Finance and Celsius Network.

Zipmex has US$48 million (S$66.6 million) of exposure to Babel and US$5 million with Celsius, it said on its Facebook page on Thursday.

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