Share this article
Crypto Exchange Zipmex to Restart Customer Withdrawals Once Rescue Deal Closes
A rescue deal is "signed but not closed," according to Zipmex CEO Marcus Lim.
Updated May 9, 2023, 4:08 a.m. Published Feb 20, 2023, 12:24 p.m.
CORRECTION (Feb. 20, 14:30 UTC): Corrects headline to say withdrawals will be open once the agreement has closed. Adds comment from Zipmex CEO Marcus Lim. Removes previous quotes from a person familiar with the deal.
Zipmex, the southeast Asian cryptocurrency exchange that found itself embroiled in a credit crunch last year, plans to restart customer withdrawals once a deal signed with a venture capital firm last month is finalized, the firm's CEO told CoinDesk.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
All eligible creditors are required to fill out a form with the amount owed by Feb. 21, with the company's scheme manager, investment firm KordaMentha, aiming to finalize withdrawals on the condition an investment deal will close by Mar. 21, according to an announcement.
A rescue deal, which was in "advanced talks" in November, has been "signed but not closed," Zipmex CEO Marcus Lim told CoinDesk in an email. "We are making good progress but the deal isn't done yet."
Zipmex was one of several firms that found itself in trouble following last summer's market collapse that spawned out of the implosion of Terra and its algorithmic stablecoin UST. It issued two loans to Babel Finance and Celsius Network worth $53 million, neither of which has been repaid.
It was reported last month that Zipmex is facing a probe from Thailand's securities regulator over whether it was operating without permission.
Read more: Crypto Exchange Zipmex Faces Probe From Thai Securities Regulator: Bloomberg
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Brazil’s Gen Z drives crypto boom as stablecoins, income tokens surge
Digital fixed-income products are experiencing rapid growth, with $325 million distributed on Mercado Bitcoin's platform in 2025.
What to know:
- In Brazil, younger investors (under 24) are driving cryptocurrency adoption, using stablecoins and tokenized bonds as a low-volatility entry point.
- Digital fixed-income products are growing rapidly, with $325 million distributed in 2025 on the platform.
- Investor strategy varies by income bracket, with middle-income users favoring stablecoins and lower-income investors opting for traditional cryptocurrencies like bitcoin.
Top Stories
