Zipmex Sends A Request For A Meeting With The Thai Regulator

Cryptocurrency exchange Zipmex has requested meetings with Thailand’s Securities Exchange Commission (SEC) and other regulators to discuss the company’s restructuring plan.

In a statement on August 25, exchange Zipmex said it had sent a letter requesting meetings with the Thai SEC with the participation of potential investors of the company to present its plan. restructuring plan after falling into financial difficulties due to the impact of the liquidity crisis that lasted for the past two months.

“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.”

The requested discussions with the SEC come a month after the regulator issued an ultimatum to Zipmex because the exchange was involved in a $53 million loan to Babel Finance and Celsius, and issued customers a ban to withdraw money.

After facing numerous challenges just mentioned, Zipmex was offered a rescue from an unnamed party as well as received an amnesty for an additional three-month debt repayment obligation from the Singapore Supreme Court.

However, given the SEC’s interest in Zipmex, the upcoming discussions will provide important information on how the company may proceed with future repayments. Besides, Zipmex announced that they will soon clarify more on the matter around mid-September 2022.

Though the company 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.

In addition, Zipmex announced that the wallet transfer for its native token, ZMT, between Z Wallets and Trade Wallets has been reset this week, marking further progress as the company is working hard to get it up and return running completely. However, the functionality is currently only available on the website and not via the Zipmex app.

The co-founder of Zipmex, Dr. Akalarp Yimwilai said:

“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.”

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