Crypto Exchange Zipmex in Advance Talks for a Potential Buyout

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Beleaguered Crypto exchange Zipmex is reportedly in buyout talks with a potential investor signaling an end to its liquidity crisis as per a Bloomberg report.

According to the report citing sources familiar with the matter, the talk is in an advanced stage and could be completed before the end of the week.

Although the terms of the deal are unknown at the moment, Zipmex is in talks with venture capital firm, V Ventures, a subsidiary of Thoresen Thai Agencies for the sale of a majority stake in the business to an unnamed investor. Zipmex appointed the investment firm to identify potential buyers or investors.

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While negotiations are still ongoing, upon agreement of terms by all parties the deal could be signed and completed on Friday

Meanwhile, Chalermchai Mahagitsiri, a potential investor has asked that Marcus Lim, CEO of Zipmex forfeits all of his shares in the company upon closing of the deal.

The investors’ call interestingly echoes that of majority shareholders who argued that Marcus’  decision and that of co-founder Akalarp Yimwilai led to the exchange’s troubles and they should therefore leave their positions in management. 

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Thailand’s regulators have since indicted the CEO and the exchange platform for non-compliance with an order. 

Zipmex suffers Liquidity Crisis

Unfortunately, following its exposure to troubled crypto lender Babel Finance and the prolonged crypto winter, Zipmex halted withdrawals on its platform sometime in July and partially resumed withdrawal after a while.

Not long after, it sought protection with a Singaporean High Court against aggrieved investors while it worked on a restructuring plan. The court approved a little over three months moratorium after the exchange declared bankruptcy. The exchange has up until December 2 to sort out its liquidity crisis.

Prior to this potential takeover talks, the Singapore-based exchange arranged a meeting between Thailand’s regulators and its potential investors to discuss a restructuring plan that will keep the platform operational. At the time, the beleaguered exchange claimed to be in talks with two prospective investors.

In a piece of related news, the Thai Securities and Exchange Commission (SEC) has prohibited service providers from offering crypto lending and staking services to investors in the country following the Zipmex troubles. This measure was taken to protect investors in its economy from liquidity risk which is imminent in the face of such depository offerings.

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