Zipmex Crypto Exchange Asks For Creditor Protection Extension Amid Takeover Talks

Zipmex, a crypto exchange that has long been struggling to keep up in this bear market, has requested an extension of credit protection amid negotiations for a possible takeover, reports Coindesk.

Singapore’s High Court granted Asian crypto exchange Zipmex Pte, Zipmex more than three months of creditor protection until Dec. 2.

The company filed for bankruptcy protection in July and halted withdrawals due to a liquidity crunch after troubled Babel Finance suspended the withdrawal of its exposure worth $48 million. The exchange is one of the several firms hit by the $2 trillion meltdown.

Each Zipmex firm has submitted petitions in Singapore to extend its moratorium until April 2, 2023 according to a document shared by the company.

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