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Crypto exchange Zipmex seeks bankruptcy protection in Singapore

Thailand-based digital currency player calls for conference with creditors

Zipmex had already paused operations, citing market volatility and liquidity problems faced by its Singapore unit.   © Reuters

SINGAPORE -- Thailand-based cryptocurrency exchange Zipmex said it has filed for bankruptcy protection in Singapore after having more than $50 million in exposure to Celsius and Babel Finance, crypto lenders that have taken hits from plunging digital token prices.

The company has scheduled a conference with creditors for Friday, two days after announcing on its website that Morgan Lewis Stamford, its Singapore solicitor, had filed five applications under the city-state's Insolvency, Restructuring and Dissolution Act on behalf of several Zipmex entities.

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