Troubled crypto exchange Zipmex mulls possible offer

ZIPMEX, a cryptocurrency exchange that operates in markets such as Singapore and Thailand, said on Sunday (Jul 24) it was considering a possible offer after talks with interested parties and due diligence should commence.

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

Zipmex’s 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 Trade wallet and not from any other wallet “until further notice”.

The platform is the latest to encounter financial difficulties stemming from dealings with troubled crypto leaders Babel Finance and Celsius Network. Zipmex has US$48 million of exposure to Babel and US$5 million with Celsius, it said on its Facebook page on Thursday. BLOOMBERG