Zipmex targets raising US$50 mln to cover exposure to embattled crypto lenders

Crypto exchange Zipmex, which announced that it is in serious discussions with potential investors on Monday, is looking to raise US$50 million to cover its exposure to Babel Finance and Celsius Network, Bloomberg reported. 

See related article: Zipmex says considering possible offer

Fast facts

• Zipmex’s fundraising target is close to its exposure to Babel Finance, which stands at US$48 million, and to bankrupt lender Celsius, which stands at US$5 million, the firm said last week. 
• The Thailand Securities and Exchange Commission (SEC) announced on Monday that it is investigating potential losses caused by Zipmex’s halt of customer withdrawals. 
• Headquartered in Singapore, Zipmex is regulated by the Thai SEC and provides services across Southeast Asia. 
• The SEC had previously asked Zipmex for clarifications on its withdrawal pause since July 20, and the watchdog has now created a form to collect information about customer losses. 
• Zipmex partially enabled withdrawals for certain accounts last week. 

See related article: Thai SEC seeks additional clarification from Zipmex