Thai regulator probes Zipmex

The Thai Securities and Exchange Commission (SEC) has is working with other authorities to assess the impact of crypto trading platform Zipmex freezing withdrawals.

The SEC said it is already reading into the potential impact that consumers have suffered as a result of the decision and whether solutions are available.

Zipmex decided to freeze withdrawals last Wednesday, becoming the latest company to send worrying signals to its customers.

Previously, companies such as Celsius, Babel Finance and others have resorted to this measure which preceded their financial collapse.

Zipmex has big exposure, operating in Indonesia, Singapore, Australia and Thailand, among other jurisdictions, where withdrawals have been suspended since last week.

On Monday, SEC ordered Zipmex to continue trading within three days, which should also enable consumers to deposit and withdraw. It’s not clear whether the company intends to comply with this measure.

Zipmex is looking for $50m in additional funds after it froze the withdrawals.

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Updated: 07/26/2022 — 10:00