The Troubled Singapore-based Cryptocurrency Lender Vauld Receives Permission to Restructure Board
Vauld, the Singapore-based crypto lender, has been granted permission by the court to restructure its board. This comes after the lender has been facing ongoing bankruptcy proceedings for over a year. As part of the restructuring, Vauld will replace its current board with a new CEO, a creditor representative, and a scheme manager. Customers are now being asked to resubmit their KYC information as part of the process.
Key Points:
– Vauld has received approval from a Singapore court for its scheme of arrangement.
– The current board will be replaced with a new CEO, a creditor representative, and a scheme manager.
– Customers are required to resubmit their KYC information.
– Vauld had previously announced the freeze of customer withdrawals and the plan to restructure the company.
– India’s Enforcement Directorate froze Vauld’s crypto and bank assets.
It is important to note that this article is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.
Hot Take
The approval for Vauld to restructure its board is a positive development for the troubled cryptocurrency lender. With a new CEO, creditor representative, and scheme manager in place, there is hope for a fresh start and improved operations. The request for customers to resubmit their KYC information indicates a thorough review and commitment to compliance. However, the freezing of assets by India’s Enforcement Directorate highlights the challenges Vauld continues to face. It will be interesting to see how the lender navigates these obstacles and emerges from its bankruptcy proceedings.
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