Singapore-based crypto exchange Zipmex said on Sunday it’s in serious discussions with potential investors looking to buy the firm, days after halting all customer withdrawals citing market volatility and financial difficulty at some partners.

See related article: Crypto exchange Zipmex freezes withdrawals

Fast facts

  • One of the interested parties has offered to start financial due diligence — a common first step in mergers and acquisitions, Zipmex said.
  • Zipmex froze all customer transactions last Wednesday, citing “circumstances beyond our control”.
  • On Friday night in Asia, Zipmex announced that the transaction freeze on its “Trade Wallet” had ended but that transactions from its “Z Wallet” will continue to be disabled until further notice.
  • Another victim of the broader crypto contagion, Zipmex had an exposure of US$48 million with Babel and US$5 million with Celsius, the Singapore-based firm admitted in a statement last week.
  • Zipmex’s native token, ZMT, fell roughly 50% from last Wednesday to Sunday. It has since recovered to trade up 7.2% in the past 24 hours to US$0.3145 in Asia morning trade on Monday.  

See related article: Thai SEC seeks additional clarification from Zipmex