SEC of Thailand Opens Inquiry Into Zipmex Over Withdrawal Halt

SEC of Thailand Opens Inquiry Into Zipmex Over Withdrawal Halt

  • The SEC is soliciting input from affected Zipmex customers.
  • Zipmex executives have said that they are prepared to comply with the regulator’s request.

Zipmex, a Southeast Asian cryptocurrency exchange, suddenly blocked withdrawals, which affected many investors. The Securities and Exchange Commission of Thailand, on the other hand, has opened an inquiry into the situation.

According to Reuters, Thailand’s regulator and law enforcement have initiated an investigation into the possible damages that the public may have to bear as a result of this. The SEC is soliciting input from affected Zipmex customers through an online forum, according to the report. Traders are also interviewed during the inspection to learn about the impact of the problem caused by the exchange.

Withdrawals Halted Until Further Notice

Most of Zipmex’s clients are located in Thailand, Singapore, Australia, or Indonesia, although it also has clients in other parts of Southeast Asia. On July 20, the platform halted withdrawals. The exchange cited fluctuating market circumstances and the financial challenges of its business partners as the reason for its decision.

Zipmex executives have said that they are prepared to comply with the regulator’s request, according to the article. Government agencies are always kept informed, it said. This information is released concurrently with the Thai lender SCB X Pcl’s declaration that it would extend the term for doing due diligence on its $537 million investment in the cryptocurrency exchange Bitkub.

Thailand’s withdrawal service resumed on the same day. There were delays in the other countries, however. On July 21, until further notice, trading on Zipmex has been halted while the company extends its maintenance period. Due to the tremendous fall of the cryptocurrency market, Zipmex isn’t the only crypto company to run into difficulties like this.

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