ZipMEX Investors Pressed CEO To Resign

Zipmex CEO Marcus Lim is being pressured by some major shareholders to step down. The cause of poor management leading to losses refers to the relationship with Babel Finance. Lim said the decision rests with the board and shareholders.

ZipMEX CEO pressured to resign

Zipmex crypto lender, due to its relationship with struggling crypto lender Babel Finance, caused a drop in liquidity, leading to a withdrawal halt in July. year 2022.

Unnamed sources told Bloomberg that they would only invest money in the platform if Lim resign. The company’s website indicates that interested investors are going over the company’s financials.

The calls for Lim’s resignation are believed to have come from one of Zipmex’s largest shareholders. When asked about this, Lim said the fate of executive positions is up to the board and shareholders. Lim noted that any changes will be subject to the exchange’s immediate resolution of issues. He added that a recovery plan is a necessary item on the management team’s agenda. It is not clear if many shareholders are unhappy with Lim’s management.

As was updated in previous Coincu News articles, the crypto lending company was recently granted permission by a Singapore court to grant the exchange a 3-month exemption from debt obligations, protecting the company from lawsuits until December 2, 2022. After that, the company opened withdrawals for customers with ADA, SOL, XRP, BTC and ETH.

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