Zipmex acquisition faces challenges as buyer misses $1.2M payment

Thailand-based crypto exchange Zipmex’s $100 million rescue plan has actually hit a snag as the capitalist stopped working to make a $1.25 million repayment due on March 23, Bloomberg reported on March 24.

Zipmex apparently said the failed repayment can require it to liquidate its modern technology device and also suspend its payroll.Bloomberg reported

that the exchange is uncertain regarding when the anticipated payment would certainly be made. It included that the firm was working with its consultants on the following steps.The Asian exchange had participated in a memorandum of understanding with equity capital company V Ventures to get it for$100 million after it fell under a liquidity crisis because of the bad market conditions of 2022. At the time, the exchange claimed it had direct exposure to insolvent crypto lending institution Celsius.Meanwhile, Thailand’s Securities and also Exchange Commission(SEC) claimed it examined a few of the exchange’s products for possible breach of regulatory regulations. According to the SEC, the business may have been running as an unregistered fund manager as a result of the nature of its gain product.Zipmex has yet to reply to CryptoSlate’s ask for remark as of press time.Posted In: Thailand, Exchanges Recent Zipmex Stories Thailand SEC to penetrate Zipmex over unregistered make items

Christian Nwobodo · 2 months ago · 1 min checked out