In the wake of Thai crypto exchange Zipmex halting withdrawals last week, local financial regulators are stepping in to consider potential losses from investors.
The Securities and Exchange Commission of Thailand (SEC) is taking action to collect all necessary information from investors about how they are affected by issues at Zipmex.
The regulator officially announced on July 25 that Zipmex customers can submit information via an online forum on the official website of the Thai SEC.
The regulator said the Securities and Exchange Commission received a number of complaints from people affected by Zipmex after the cryptocurrency exchange temporarily suspended withdrawals of Thai baht and digital assets on Wednesday.
“In the past, the Securities and Exchange Commission has issued a letter requesting that [Zipmex] provide an effective system for customer contact and complaint handling, as well as being mindful of protecting customer interests,” the announcement read.
Zipmex is one of the major cryptocurrency exchange platforms that are officially regulated by the government of Thailand, along with platforms like Upbit, Bitkub, and others. The Zipmex exchange abruptly halted withdrawals last week, citing “a combination of circumstances” that were beyond the company’s control, including “volatile market conditions.”
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The withdrawal stop came as Bitcoin (BTC) reached multi-week highs above $24,000. Zipmex has partially resumed some operations on the platform, and relaunched withdrawals from its trading wallet two days after disabling withdrawals. “Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice,” the company said.