Zipmex , a cryptocurrency exchange focusing on Southeast Asia, has filed for bankruptcy protection in Singapore, suffering from the late global downturn in digital currencies. The Singapore-based company resumed withdrawals last week, a day after suspending them on 20 July, and said it was working to address its exposure of USD 53 million to crypto lenders Babel Finance and Celsius.

Zipmex's solicitors submitted five applications on 22 July seeking moratoriums to prohibit legal proceedings against Zipmex for up to six months. Under Singapore law, such a filing grants companies an automatic moratorium for 30 days, or until a Singapore Court decides on the application, whichever is earlier. Thailand's Securities and Exchange Commission said it was working with law enforcement to investigate potential losses among the public after Zipmex temporarily suspended withdrawals.

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