Zipmex seeks to meet with Thai Regulators and prospective investors ahead of fundraise

Singapore-based Zipmex has recently urged for meetings with the Thailand’s Securities and Exchange Commission, where it runs a licensed-exchange, and other regulatory agencies to present a recovery plan, intensifying its efforts to remain afloat.

Before finalizing a fund-raising strategy, Zipmex, a 2018-launched operator of an Asian cryptocurrency exchange that has requested protection from creditors, intends to assemble prospective investors and regulators. The company stated in a statement:

“We have requested meetings with Thailand’s Securities and Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”

Zipmex joins hands with KordaMentha Pte Ltd 

According to the release, Zipmex has chosen KordaMentha Pte Ltd to serve as its financial advisor as it assists the company with its restructuring.

The troubled cryptocurrency exchange Zipmex has increased its activities in a number of nations, including Singapore, Indonesia, and Australia, whilst maintaining a major presence in Thailand.

It had previously requested a moratorium in order to stop its creditors from submitting claims for the following six months. However, the exchange was granted a little over three months of creditor protection by the Singapore High Court.

In July, Zipmex halted withdrawals due to financial issues that were related to the liquidity crisis that two crypto lenders, Babel Finance and Celsius, were experiencing. Partial withdrawals from its trade wallet have since been reinstated.

The most recent development occurs before a $50 million financial agreement that Zipmex had been looking forward to. The exchange hasn’t revealed the identities of any investors, but it has claimed that it has been in advanced talks with two of these prospects and is close to finalizing the agreement.

In an effort to obtain some crucial cash, they reportedly signed three memorandums of understanding (MOUs) in the previous month alone.