Zipmex Wants A Meeting With Thai Regulators To Discuss Recovery Plan

Zipmex wants a meeting with Thai regulators in order to discuss and examine in detail the company’s recovery plan. The Asian cryptocurrency exchange requested a meeting with the Securities Exchange Commission (SEC) of Thailand and other regulators.

Zipmex stated in a statement on August 25 that it had sent a letter requesting meetings with the securities regulator, which will also include possible investors. Zipmex wants a meeting with Thai regulators in order to discuss the recovery plan urgently.

“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”

Though the firm did not reveal the identity of the investors, it did state that it was in “advanced stages” of discussions with two investors after signing three memorandums of understanding (MOUs) in the previous month.

The investment round was first mentioned in June, implying that the possible capital injection was unrelated to the company’s recent financial troubles.

“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia,” said Zipmex.
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Despite the absence of names at this point, the investment round is estimated to be worth $40 million at a $400 million value. Notably, Coinbase made an undisclosed strategic investment in Zipmex during the first quarter.

The proposed meetings with the SEC come one month after the regulator established a hotline for investors affected by the withdrawal suspensions to raise their concerns.

It was reported on Aug. 15 that the firm has received more than three months of creditor protection, shielding the exchange from prospective creditor litigation until Dec. 2, 2022, while it develops a reorganization strategy.

With regulators keeping a close eye on Zipmex, the upcoming conversations should reveal vital information about how the firm might operate in the future. Zipmex claimed that more clarity will be provided towards the middle of September.

Zipmex also announced on Thursday that wallet transfers for its native token ZMT between its Z Wallets and Trade Wallets had been restored this week, marking another step forward in the company’s efforts to re-establish full operations. At the moment, this is only available through its website and not through the Zipmex App.

📌 Zipmex has re-enabled transfers from your Z Wallet to Trade Wallet for #ZMT. You’ll now be able to access your available ZMT by transferring the tokens across wallets on the Zipmex website https://t.co/Uxk0qZkGBp

More Info 👉 https://t.co/La4nW15EKx #Zipmex #ZipmexAsia pic.twitter.com/K4SQ096MZi

— ZIPMEX (@zipmex) August 25, 2022

“By resuming the Z Wallet service and doing everything possible to resolve the aforementioned problems. I can confirm that we will continue to move forward to resume services to serve our customers effectively and fairly,” said Dr. Akalarp Yimwilai, co-founder of Zipmex.

In Thailand, Indonesia, Singapore, and Australia, the organization runs regulated exchanges. Zipmex officially suspended wallet withdrawals in late July due to market volatility this year and exposure to businesses such as Babel Finance and Celsius.

Zipmex has gradually reinstated withdrawals for a limited amount of assets housed in Z Wallets since then, with trade wallet withdrawals re-enabled in July.

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