Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court
The company's request for a three-week extension of creditor protection to last until April 23 was also granted.
Mar 30, 2023 at 3:35 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XUIYICM7BJGQRFFHLSQ5D7JSVU.jpg)
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Thai crypto exchange Zipmex's scheme of arrangement, or restructuring plan, has been approved by the Singapore High Court, paving the way for customers to get their deposits back.
The court approved the creation of an "administrative convenience class" for creditors with assets in their wallets not exceeding $5,000, according to a Thursday update on Zipmex's website.
Zipmex's request for a three-week extension of creditor protection to last until April 23 was also granted.
The Thai crypto exchange froze withdrawals last year after experiencing a liquidity crisis following the collapse of Terra and its algorithmic stablecoin UST.
Zipmex is in the process of completing a $100 million venture capital buyout by fellow Thailand-based firm V Ventures. The sale appeared to hit a roadblock last week when it was reported that V Ventures missed a $1.25 million payment, which could have resulted in Zipmex having to liquidate its technology unit unless rectified.
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Jamie Crawley is a CoinDesk news reporter based in London.