April 19 (Cointime) - Cryptocurrency exchange Zipmex has sought an additional 2-month extension to prolong its debt moratorium in Singapore, as the company grapples with ongoing liquidity problems.

According to an official announcement, the exchange said its Asia arm had filed a request in Singapore’s courts to extend its existing moratorium period by two months.

"The Investor had initially requested Zipmex Asia to modify the investment amount, which affected the original Scheme of Arrangement that was approved by the Singapore court. As of today, the Investor claims that the SSA has lapsed and that it is no longer bound to abide by the terms of the SSA. The Investor has also demanded a return on its working capital loan. The Company is now discussing with the investor to find the best available solution suitable for all parties. The Company is aware of the impact that the Investor’s new position will have on the reopening schedule for Z Wallet. As such, Zipmex is now in negotiations with new investors in order to maximize returns for customers." Zipmex wrote in the statement.

The hearing date has yet to be fixed by the Court.  The firm says it plans to use this period to find a solution, to the best of its ability, for the reopening of Z Wallet.