Some shareholders and potential investors in Asian crypto exchange Zipmex Pte are urging Chief Executive Officer Marcus Lim to step down over management decisions they argue led to a severe cash crunch, people familiar with the matter said.
Zipmex, which capped withdrawals last month after exposure to troubled crypto lender Babel Finance hurt its finances, on Monday was granted more than three months of protection from creditors by Singapore’s High Court. The reprieve will give the firm additional breathing room to come up with a funding plan.
One large Zipmex shareholder has written to Lim asking him to resign, citing a loss of trust among partners and the fallout from the Babel exposure, one of the people said. It wasn’t clear how many investors support the effort to remove Lim.