Zipmex acquisition faces challenges as buyer misses $1.2M payment

Thailand-based crypto exchange Zipmex’s $100 million rescue plan has hit a snag as the investor failed to make a $1.25 million payment due on March 23, Bloomberg reported on March 24.

Zipmex reportedly said the failed payment could force it to liquidate its technology unit and suspend its payroll.

Bloomberg reported that the exchange is uncertain about when the expected payment would be made. It added that the firm was working with its advisers on the next steps.

The Asian exchange had entered into a  memorandum of understanding with venture capital firm V Ventures to acquire it for $100 million after it fell into a liquidity crisis due to the poor market conditions of 2022. At the time, the exchange said it had exposure to bankrupt crypto lender Celsius.

Meanwhile, Thailand’s Securities and Exchange Commission (SEC) said it investigated some of the exchange’s products for possible breach of regulatory rules. According to the SEC, the company might have been operating as an unregistered fund manager due to the nature of its earn product.

Zipmex has yet to respond to CryptoSlate’s request for comment as of press time.

Journalist at CryptoSlate

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.