- by Gazet International
- May 16, 2023
BANGKOK, July 25 (Reuters) - Zipmex temporarily stopped allowing withdrawals after the cryptocurrency exchange last week, Thailand's Securities and Exchange Commission stated on Monday that it was collaborating with law enforcement to investigate any losses among the general public. In a statement, the SEC said it was requesting information from affected Zipmex users on how the platform's issues had affected them via an online forum.
The cryptocurrency exchange with a focus on Southeast Asia, which runs in Thailand, Indonesia, Singapore, and Australia, stopped accepting withdrawals last Wednesday. Except for transfers from one investment product, which the business subsequently claimed had exposure worth $53 million in cryptocurrency lenders, Babel Finance and Celsius, withdrawals began that evening in Thailand and thereafter in other nations. Players in the cryptocurrency industry who have recently had issues include Celsius and Babel Finance. In a separate statement, the SEC stated that late on Monday, the board of directors instructed Zipmex to open trading under regulations within three days, including enabling withdrawals and deposits.
The decisions come at a time when Thailand's cryptocurrency market has slowed down and after Thai lender, SCB X Pcl (SCB.BK) said it was extending the due diligence process for its $537 million acquisition of Thai cryptocurrency exchange, Bitkub. Following a strong sell-off in markets that began in May with the collapse of two linked tokens, Luna and TerraUSD, Zipmex is the most recent cryptocurrency company to have problems. According to the SEC website, Zipmex has a license for both trading and brokering digital assets. In a Facebook post over the weekend, the business stated that it was looking into a partnership with an "interested party."