Crypto

Thailand Looks Into Losses by Zipmex Crypto Exchange Users

 

The Thailand Securities and Exchange Commission, along with law enforcement, is examining potential losses among the public after the crypto exchange Zipmex halted all withdrawals last week.

The capital markets regulator said it is asking Zipmex users to submit information via an online forum on how they had been affected by the problems at the platform.

The crypto exchange, which operates in Indonesia, Thailand, Singapore and Australia, had suspended withdrawals last Wednesday.

Withdrawals resumed on the same evening in Thailand and later on in other countries, except for transfers from one investment product, which the company later said had exposure worth $53 million in crypto lenders, Babel Finance and Celsius.

Celsius and Babel Finance are among crypto players that have fallen into difficulties in recent months.

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SEC Orders Zipmex to Open Trade in Two Days

Late on Monday, the SEC’s board ordered Zipmex to open trade according to trading rules within three days, including allowing withdrawals and deposits, it said in another statement.

The announcements come as crypto trading in Thailand has slowed and after Thai lender SCB X Pcl said it was extending the due diligence period for its $537 million acquisition of Thai crypto exchange, Bitkub.

Zipmex is the latest crypto firm to face difficulties following a sharp sell-off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.

Zipmex holds a digital asset exchange and a digital asset broker license, the SEC website shows. At the weekend, the company said in a Facebook post it was exploring a deal with an “interested party.”

 

  • Reuters with additional editing by Jim Pollard

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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