[Reddishday]

Southeast Asia-focused cryptocurrency exchange Zipmex said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies.


Singapore-based Zipmex resumed withdrawals last week, a day after suspending them on July 20, and said it was working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.


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 Court makes a decision on the application, whichever is earlier.

More at https://shrtco.de/TYmeX

[winbig]

Sentinel must be very worried liao

[Scythian]

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Not bad as Bankrupt billionaires

[Scythian]

..
Singapore done well

Good job

[A2Z]

How on earth a crypto exchange that we can buy/sell belly up? How come eg kim eng securities, phillip sec, uobKayHian not happening to them? Obviously exchanges like zipmex in the unregulated world of cryptos got no chenghu to breath on them so it uses clients' $$$ to ownself speculate in other cryptos eg stablecoins, btc, etc. So obvious the unregulated crypto world is a Big House of Cards waiting to go to ZERO. Greedy people kenna conned until all savings gone. This is worst than lehman bond saga, at least banks selling the lehman bonds indemnified those who bought.

[Niubee]

These crypto brokers are also market makers and bet against client... Likely.

[A2Z]

So MAS has err in giving them licence to operate here to zip away clients' money in their own computer programming buy/sell/swap orders. This is tantamount to front running in the stock market side. MAS wants to make this tiny island to be a blockchain cryptocurrency centre by leaving all the oversight to the crypto exchanges on their own. Wa so easy to scam investors.