A Fintech company in South East Asia, Zimpex has announced that it has filed for bankruptcy protection in Singapore.
Zimpex is one of the firms with exposure to embattled cryptocurrency exchange, Celsius, and Babel Finance.
Zipmex paused withdrawals last week but resumed the following day.
Shortly after, the Securities and Exchange Commission of Thailand disclosed that it was working with law enforcement to look into potential losses by investors following the temporary suspension of withdrawals.
Zipmex’s solicitors submitted five applications on July 22 seeking moratoriums to prohibit legal proceedings against Zipmex for up to six months, the cryptocurrency exchange said on Wednesday.
Under Singapore law, such a filing grants companies an automatic moratorium for 30 days, or until a Singapore Courtdecidesn on the application, whichever is earlier.