Zipmex Set to Resume Withdrawals Once Buyout Deal Closes
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Cryptocurrency exchange Zipmex said in a recent blog update it plans to re-open withdrawals for eligible customers who stored crypto in Z Wallets.

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The Singapore-based trading platform added that the creditors can put in their vote until February 21, 2023. The exchange also pointed out that any discrepancies in the balances "will be part of the adjudication process, which the scheme managers are aiming to finalize by March 21, 2023." However, Zipmex acknowledged that the date is still subject to change.

In early December 2022, Zipmex started a buyout discussion with venture capital firm V Ventures to sell 90% of its share for $100 million. The venture firm reportedly offered the bankrupt crypto exchange $30 million in cash and $70 million in cryptocurrencies.

As part of the agreement, the crypto received from the deal will be distributed between Zipmex customers, whose funds might still be frozen until April 2023.

Thai SEC Probes Zipmex for Violating Local Rules

Zipmex filed for bankruptcy protection against its Singaporean creditors in 2022, after it had suspended withdrawals for all of its users, citing a "combination of circumstances" beyond its control.

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