A Message from our Group CEO

July 27, 2022

Dear Zipmex customers,

I would like to sincerely thank you for your continuous support and patience as we navigate these hard times. To provide as much transparency as possible, we wish to inform you of the following:

Investment Progress 

As of 24 July 2022, an MOU has been signed. This represents significant progress. Due diligence has commenced. The timeline of the investment plan will be made public once due diligence has successfully been completed and there is more clarity on the process. 

Discussion with our Government Agencies

Zipmex has been fully cooperative and will continue to work with all the relevant authorities as well as attending in-person meetings to provide full disclosure and all information requested. We are also compiling all concerns raised by our customers and will work on all feedback.

Addressing Customer Concerns

In order to alleviate your concerns and to provide transparency in resolving the situation, I would like to clarify the following:

Issues between Zipmex, Babel Finance and Celsius: Zipmex deposited digital assets with Babel Finance and Celsius since the launch of our ZipUp+ product. On 13 June 2022, Celsius halted withdrawals. Zipmex immediately reached out to Celsius for a status update. However, at the time we assessed that our balance sheet would be able to absorb the potential loss and we agreed that we could possibly write off the debt if we needed to. 

When Babel Finance put withdrawals on hold, we had constant open communications with them and have decided to commence legal proceedings on this case. 

Our Service and the Future of ZMT

Like many other digital assets, the value of ZMT depends on external factors and has been impacted by the global economic downturn. Zipmex plans to continue building an ecosystem where ZMT has real utility, such as with ZipWorld and Zipmex Card. 

Thus far, we have fulfilled all roadmap promises. We sincerely apologize for the issues with our ZipUp+ product and our Z Wallet. As of now, we have re-enabled withdrawals in all regions and restarted trading in Thailand. We truly appreciate your support and patience.

The Company and I are determined on retrieving your digital assets. This does not only include the lawsuit against Babel Finance and Celsius, but also the Zipmex investment plan.

Yours sincerely,

Marcus Lim

CEO & Co-Founder

Zipmex Group

We offer investors a variety of opportunities in the digital assets industry. Our innovative platform provides access for anyone seeking investment returns anywhere, anytime. Our ecosystem aims at making finance an everyday enriching activity.

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RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.

ZipUp+ products are not defined as “deposits” under Section 4B of the Banking Act and hence there is no insurance by the Singapore Deposit Insurance Corporation Limited in the event if Zipmex Pte. Ltd. fails.