Restructuring Plan of Thai Cryptocurrency Exchange Zipmex Gets Court Approval, Customers Can Now Withdraw Deposits

It is reported that the arrangement plan or restructuring plan of the Thai cryptocurrency exchange Zipmex has been approved by the High Court of Singapore, paving the way for customers to withdraw their deposits. According to an update on the Zipmex website on Thursday, the court approved the establishment of an “administrative convenience category” for creditors with wallet assets of no more than $5000. Zipmex’s request to extend the creditor protection period by three weeks to April 23 was also approved.

Singapore Court Approves the Restructuring Plan of Cryptocurrency Exchange Zipmex

Introduction

Zipmex, a popular cryptocurrency exchange based in Thailand, has been going through a tough time due to financial difficulties. However, some good news has surfaced recently as the High Court of Singapore has approved the arrangement plan or restructuring plan of Zipmex, paving the way for customers to withdraw their deposits.

Background

Zipmex had been facing financial difficulties recently, which had led to a delay in the withdrawal of customers’ deposits. This had caused a lot of concern and dissatisfaction among the customers. However, the company has been putting in efforts to restructure its operations and get back on track.

Approval of Restructuring Plan

According to an update on the Zipmex website on Thursday, the court approved the establishment of an “administrative convenience category” for creditors with wallet assets of no more than $5000. This means that customers who have deposits of $5000 or less can now withdraw their funds. This move is likely to benefit a large number of customers and help restore their faith in the company.

Extension of Creditor Protection Period

In addition to approving the establishment of the administrative convenience category, the court has also approved Zipmex’s request to extend the creditor protection period by three weeks to April 23. This extension is expected to give the company more time to implement its restructuring plan and work towards resolving the financial difficulties it has been facing.

Impact on Customers and Industry

The approval of the restructuring plan and the extension of the creditor protection period is likely to have a positive impact on both the customers and the industry as a whole. Customers who were previously worried about their deposits can now breathe a sigh of relief and withdraw their funds. The industry, on the other hand, is likely to view this move as a positive step towards ensuring greater trust and transparency in cryptocurrency exchanges.

Conclusion

In conclusion, the approval of the arrangement plan or restructuring plan of Zipmex by the High Court of Singapore is a significant development that is likely to benefit both the customers and the industry. With the establishment of the administrative convenience category and the extension of the creditor protection period, Zipmex can now focus on restructuring its operations and rebuilding the trust of its customers.

FAQs

Q1. What is Zipmex?

Zipmex is a popular cryptocurrency exchange based in Thailand.

Q2. Why was Zipmex facing financial difficulties?

Zipmex was facing financial difficulties due to a variety of reasons such as rising operational costs and a decline in the trading volume.

Q3. What is the impact of the restructuring plan approval on customers?

The approval of the restructuring plan is likely to have a positive impact on the customers as they can now withdraw their funds and the exchange is likely to work towards rebuilding their trust.