{"id":18118,"date":"2023-04-19T02:27:38","date_gmt":"2023-04-19T02:27:38","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/zipmex-requests-2-month-extension-from-singapore-court-for-restructuring-plan\/"},"modified":"2023-04-19T02:27:39","modified_gmt":"2023-04-19T02:27:39","slug":"zipmex-requests-2-month-extension-from-singapore-court-for-restructuring-plan","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/zipmex-requests-2-month-extension-from-singapore-court-for-restructuring-plan\/","title":{"rendered":"Zipmex requests 2-month extension from Singapore court for restructuring plan"},"content":{"rendered":"<p><\/p>\n<div data-v-2ab31f4e=\"\">\n<p>Cryptocurrency exchange Zipmex has requested another extension that would allow for a longer moratorium on its debt in Singapore amid the firm\u2019s liquidity issues.<\/p>\n<p>In an April 18 announcement, Zipmex said it was currently in negotiations with investors in an attempt to \u201cmaximize returns for customers\u201d following a delay in payments. The firm said its Asia arm had filed a request in Singapore\u2019s courts to extend its existing moratorium period by two months. According to the exchange, it will use the extra time to plan and reopen Z Wallet withdrawals.<\/p>\n<p>Zipmex originally filed for a moratorium allowing the firm to postpone payments in July, amid a tumultuous year for the crypto market \u2014 the company had roughly $5 million in exposure to Celsius. The platform had suspended withdrawals earlier that month, while CEO Marcus Lim did not deny reports that the firm was facing insolvency. <\/p>\n<p>Singapore\u2019s courts granted Zipmex\u2019s moratorium request, giving the firm until December 2022 to come up with a restructuring plan. However, the platform has continued to request extensions on the moratorium, with the most recent one likely pushing its deadlines to June.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Venture capitalists bail on Zipmex bailout, company warns of consequences: Report<\/em><\/strong><\/p>\n<p>It\u2019s unclear to which investor Zipmex was referring in its latest announcement. In March, venture capital firm V Ventures reportedly did not provide a payment of more than $1 million necessary for Zipmex to avoid liquidating certain operations and stop distributing payroll to employees.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Best and worst countries for crypto taxes<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">Update (April 18 at 9:18 PM UTC): Zipmex said in response to an inquiry from Cointelegraph that a Singaporean court granted the extension until April 23.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange Zipmex has requested another extension that would allow for a longer moratorium on its debt in Singapore amid the firm\u2019s liquidity issues. In an April 18 announcement, Zipmex said it was currently in negotiations with investors in an attempt to \u201cmaximize returns for customers\u201d following a delay in payments. The firm said its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-18118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zipmex requests 2-month extension from Singapore court for restructuring plan | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/zipmex-requests-2-month-extension-from-singapore-court-for-restructuring-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zipmex requests 2-month extension from Singapore court for restructuring plan | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Cryptocurrency exchange Zipmex has requested another extension that would allow for a longer moratorium on its debt in Singapore amid the firm\u2019s liquidity issues. In an April 18 announcement, Zipmex said it was currently in negotiations with investors in an attempt to \u201cmaximize returns for customers\u201d following a delay in payments. 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