An Asian cryptocurrency exchange has demanded meetings with Thailand's Securities Exchange Commission (SEC) and other regulatory bodies to discuss the company's "recovery plan."

The company stated on August 25 that it had forwarded a letter asking for meetings with the securities regulator, which the firm's potential investors will also accompany.

"We have requested meetings with the Securities Exchange Commission of Thailand and regulators in the countries where we operate to bring our investors to regulators and present our recovery plan to government agencies."

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 (MOUs) in the previous month.

The funding round was first reported in June, implying that the potential capital injection was unrelated to the company's recent financial woes.

"The investors with whom we have met fully understand our potential and share our vision and mission of improving the digital economy in Thailand and Southeast Asia," Zipmex said.

Despite the lack of names, the funding round is anticipated to be worth $40 million at a valuation of $400 million, with Coinbase already making an undisclosed strategic investment in Zipmex during Q1.

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

The company had received more than three months of creditor protection, shielding the exchange from prospective creditor lawsuits until Dec. 2, 2022, while it developed a restructuring plan.

With regulators keeping a close eye on Zipmex, the upcoming deliberations should reveal vital information about how the firm can move forward. The company stated that more information on the matter would be provided around the middle of September.

It also announced on Thursday that wallet transactions for its native token ZMT among its Z Wallets and Trade Wallets had been restored this week, marking another step forward in the company's efforts to re-establish itself. However, at this time, it is only available through its website and not through the Zipmex App.

"By restarting the Z Wallet service and doing everything in our power to resolve the aforementioned issues." I can confirm that we will continue to work to resume services to serve our customers effectively and fairly," said co-founder Dr. Akalarp Yimwilai.

The business operates compliant exchanges in Thailand, Indonesia, Singapore, and Australia. It officially paused wallet withdrawals in late July due to market uncertainty this year and was exposed to firms such as Babel Finance and Celsius.

Zipmex has progressively restored withdrawals for a limited amount of assets held in Z Wallets since then, with trade wallet withdrawals re-enabled in July.

Aug 26, 2022
Crypto News

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