Zipmex
Withdrawals stopped, then exposure to two lenders was disclosed
A Singapore-headquartered crypto exchange serving Thailand, Indonesia, Singapore and Australia, which also paid interest on deposited crypto.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
- Exposure to Babel Finance and Celsius
The company's own figure, given when it suspended withdrawals in July 2022.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Seed | 2019 | Not disclosed | |
| Pre-Series A | 2019 | Not disclosed | |
| January 2021 round | 2021 |
| |
| Series B | 2021 |
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Marcus Lim | — | Founder of PEXX, a stablecoin payments company | Oct 2026 |
Timeline
January 2019
Began in January 2019 in Thailand, then expanded to Indonesia and Australia, with its headquarters in Singapore.
13 January 2021
The company said it planned to expand its interest-bearing ZipUp product and its own token, ZMT.
31 August 2021
The founder described the ambition as becoming a digital asset bank. This was an intention, rather than a finding that the exchange held a banking licence.
22 October 2021
The Bangkok Post reported a new service where customers staked ZMT to receive tokens from projects launching on the platform.
20 July 2022
The company cited $53 million of exposure to the crypto lenders Babel Finance and Celsius. CNBC reported that withdrawals resumed a day later; later reporting describes the halt as covering the Z Wallet product.
22 July 2022
Filed under Singapore's insolvency act, seeking moratoria on legal proceedings for up to six months while a restructuring was proposed.
How it ended
Zipmex suspended withdrawals on 20 July 2022, citing $53 million of exposure to the lenders Babel Finance and Celsius, and two days later five group companies applied for creditor protection in Singapore. A restructuring through schemes of arrangement failed in November 2023, the court refused further protection in January 2024, and a provisional liquidator was appointed in April 2024.
What happened next
- Court ruling15 August 2022
The court later granted several further extensions.
- Court ruling30 March 2023
The Singapore High Court sanctioned schemes for three group companies, allowing a separate voting class for creditors holding no more than $5,000, and extended the moratoria. The company was then expecting a $100 million buyout by V Ventures.
- Insolvency proceeding22 November 2023
Creditors of Zipmex Asia approved its scheme; creditors of Zipmex Singapore did not. The two were conditional on each other, so neither could proceed.
- Aftermath25 November 2023
Zipmex's Thai platform halted all customer activity until 31 January 2024, saying it was complying with Thai SEC rules.
- Court ruling11 January 2024
The Singapore High Court dismissed the group's applications, holding that it had no power to extend a moratorium where, as the group accepted, there was no further prospect of restructuring. The group had sought the extension to protect proposed sales of its Thai and Indonesian companies.
- Regulatory action2 February 2024
The regulator gave the company 15 days to correct its financial position and operational deficiencies, and required that users be able to withdraw in the meantime.
- Insolvency proceeding29 April 2024
A filing with Singapore's corporate registry appointed a provisional liquidator from Mazars, with meetings called for 20 May 2024 to resolve on voluntary liquidation. The founder said the company's liabilities prevented it from continuing.
- Regulatory action28 May 2024
Thailand's SEC announced on 11 June 2024 that Zipmex was no longer authorised to operate as a digital asset exchange or broker from 28 May, after the finance minister found it still in breach of the February orders. It required the company to return clients' assets.
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Sources
15 sources behind this page.
- 1Zipmex unveils ZLaunch platform · Bangkok Post · Oct 2021
- 2Thailand Crypto Exchange Zipmex Halts Trading Until 2024 · Blockhead · Nov 2023
- 3Crypto exchange Zipmex files for bankruptcy protection in Singapore · CNBC · Jul 2022
- 4Crypto Exchange Zipmex Raises $41M in Series B to Further Its Banking Services · CoinDesk · Aug 2021
- 5Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court · CoinDesk · Mar 2023
- 6Thai SEC orders Zipmex to suspend services temporarily · Cointelegraph · Feb 2024
- 7Thai SEC revokes Zipmex's licenses after failure to comply with orders · Cointelegraph · Jun 2024
- 8Interview with Pexx CEO Marcus Lim: Stablecoins are about transferring value, not speculation · Deeptech Times · Aug 2025
- 9Financial Woes Lead Zipmex to Move Towards Voluntary Liquidation · Fintech News Singapore · May 2024
- 10Former Zipmex Founder Launches New Venture PEXX with US$4.5M Seed Round · Fintech News Singapore · Jul 2024
Show 5 moreShow fewer
- 11About — Redefining Borderless Finance · PEXX
- 12Re Zipmex Co Ltd and other matters [2024] SGHC 6 · Supreme Court of Singapore (High Court) · Jan 2024
- 13Re Zipmex Pte Ltd and other matters [2023] SGHC 88 · Supreme Court of Singapore (High Court) · Apr 2023
- 14Singapore FinTech Zipmex raises $6M to grow its digital assets exchange in Asia Pacific · TNGlobal · Jan 2021
- 15Singapore's Zipmex bags over $41M in Series B funding round · TNGlobal · Sep 2021
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.