Support Center > Moratorium > Account Holders, Creditors and Vendors

Account Holders, Creditors and Vendors

No. QuestionsAnswer
1Who are the creditors of Zipmex?Zipmex’s creditors consist of customers on the exchange, token holders and vendor creditors.
2Will Zipmex prioritise larger creditors over others?No, Zipmex will not prioritise larger creditors.
3Why is my name not on the list of creditors filed into Court?The filings in the Singapore court proceedings only require a list of the top 20 creditors.
          
Nonetheless, not being on the list does not mean you are not a creditor, and not being on the list does not exclude you from any claims proceedings should there be any in the future.
4What does it mean to have the name listed in the email? Will it impact my chance to get my money returned?No, there is no impact. It was included as a court proceeding requirement.
5What is my role/rights as creditors/vendors?Creditors may participate in the restructuring process and engage with the Zipmex Group.
6Do creditors lose the ability to make any legal claims at any point or during the moratorium period?The moratorium is submitted to the Singapore High Court and subsists in Singapore. Creditors are advised to seek legal advice on any claims they may have in the relevant jurisdiction.

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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.