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Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court
The company's request for a three-week extension of creditor protection to last until April 23 was also granted.
Updated Mar 30, 2023, 3:47 p.m. Published Mar 30, 2023, 3:35 p.m.
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Thai crypto exchange Zipmex's scheme of arrangement, or restructuring plan, has been approved by the Singapore High Court, paving the way for customers to get their deposits back.
The court approved the creation of an "administrative convenience class" for creditors with assets in their wallets not exceeding $5,000, according to a Thursday update on Zipmex's website.
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Zipmex's request for a three-week extension of creditor protection to last until April 23 was also granted.
The Thai crypto exchange froze withdrawals last year after experiencing a liquidity crisis following the collapse of Terra and its algorithmic stablecoin UST.
Zipmex is in the process of completing a $100 million venture capital buyout by fellow Thailand-based firm V Ventures. The sale appeared to hit a roadblock last week when it was reported that V Ventures missed a $1.25 million payment, which could have resulted in Zipmex having to liquidate its technology unit unless rectified.
Read more: Voyager Bankruptcy Judge Says He Is ‘Absolutely Shocked’ by SEC Objection to Binance.US Deal
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SEC makes quiet shift to brokers' stablecoin holdings that may pack big results
The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital.
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- The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
- The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.
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