Zipmex

🏦 Company Profile

Zipmex was founded in 2018 and is headquartered in Singapore by Marcus Lim. Aiming to serve retail and institutional investors in the Asia-Pacific region, it has approximately 120 employees and has worked in Singapore, Thailand, Australia, Indonesia and other markets.

products and services

Zipmex provides spot trading of mainstream coins (BTC, ETH, LTC, etc.) and supports 24/7 operation.
ZipUp is an interest-earning income account with an annualized income (APY) of up to 12%, and rewards are differentiated based on asset type and VIP tier.
ZipLend supports lending fiat currencies or stablecoins against crypto assets to meet short-term liquidity needs.
ZipPay provides cryptocurrency payment and settlement solutions for merchants and users, supports multi-asset operations, and promotes the application of payment scenarios.

regulatory compliance

In Thailand, Zipmex was previously licensed by the Securities and Exchange Commission (SEC) for digital asset trading and brokerage, but the license was revoked due to non-compliance with the rectification order in May 2024. The relevant authorities ordered Zipmex to cease operations and return customer assets.
In Indonesia, Zipmex is registered with Bappebti and is legally engaged in crypto trading and fiat deposits.
In Singapore, Zipmex applied for a protection order in 2022 to address USD-linked lending losses and is not currently fully regulated by the MAS.

financial and operational challenges

In 2022, Zipmex suspended withdrawals due to credit exposure to Babel Finance and Celsius. Subsequently, he applied for debt protection in Singapore and initiated restructuring proceedings.
In 2023–2024, the moratorium on drawdowns will be extended and creditors will be negotiated for a restructuring plan; The High Court approved its procedural structure.
From May 2024, Thailand will revoke its digital asset license; Indonesian regulation is not immune; On the Singapore side, the restructuring process is still ongoing.

market positioning and strategy

Zipmex is committed to becoming the leading digital asset platform in Asia Pacific, engaging users through multi-regional compliance, product diversification and localization strategies.
Obtained regulatory licenses in Indonesia and Australia to support its fiat currency imports; Promote the implementation of payment scenarios through ZipPay; ZipUp/ZipLend complements DeFi ecosystems.

neutral review

Advantages

The Zipmex product system covers transactions, lending, earnings, payments, etc., to meet the needs of multiple users.
Obtain legal operation qualifications in Indonesia and other places, and enhance the reliability of the platform through regional supervision;
It has introduced large-scale institutional investment and has certain capital strength;
The launch of yield accounts and payment instruments will help drive the use of crypto assets.

Limitations and Risks

During 2022–2024, there will be major market shocks and impaired liquidity of the platform, involving Babel Finance, Celsius;
Thailand revoked its license and was forced to liquidate, and the outcome of asset return and restructuring is still unknown;
Lack of brand influence and transparency, long restructuring and review periods;
In the face of policy risks and tightening global regulations, there are still uncertainties in compliance operations.

summary Zipmex has quickly become the leading digital asset platform in the Asia-Pacific region with its diversified business and regional layout. However, after encountering loan exposure, debt restructuring and operational difficulties, its regulatory license in core markets (such as Thailand) was revoked, and the platform's operation was mired in structural challenges. Although the company has obtained compliance status in Indonesia, the progress of restructuring is still slow, and users need to focus on the security of their assets, transparency of restructuring and cross-regional compliance stability. The future of Zipmex remains contingent on debt restructuring outcomes, a global regulatory response and a stable business recovery process.