Troubled crypto exchange Zipmex has received just over three months to resolve its liquidity issues.
The Zipmex Group has been granted a moratorium extension until December 2 by the Singapore High Court. The Zipmex Group initially sought a moratorium of six months for its five entities- Zipmex, Zipmex Asia, Zipmex Thailand, Zipmex Indonesia and Zipmex Australia.
Zipmex halted withdrawals and transfers last month, although it has gradually resumed operations starting with releasing ADA, SOL, and XRP into users’ Trade Wallets about two weeks after halting operations.
The firm also announced recently that it plans to release Ethereum and Bitcoin tokens, allowing 60% of its users to retrieve their digital assets.
Zipmex is currently seeking to raise funds and has signed a memorandum of understanding with two investors. The firm said, “As we know this is time-critical, Zipmex and its investors are expediting due diligence as much as possible to bring forward a resolution for customers.”