Zipmex Requests Consultation With Thai Authorities Regarding Revitalization Program

Zipmex Requests Consultation With Thai Authorities Regarding Revitalization Program

Zipmex is interested in having a meeting with the relevant authorities in Thailand in order to discuss and investigate in further depth the company’s strategy for regaining its financial footing. The Asian cryptocurrency exchange asked to meet with the Securities and Exchange Commission (SEC) of Thailand as well as other regulatory agencies.

Zipmex disclosed in a statement that it had written a letter requesting meetings with the securities regulator on August 25. These discussions, which will also involve potential investors, are scheduled to take place. Zipmex wants to have an immediate conversation about the recovery plan with the Thai authorities, therefore they have requested a meeting with them.

The company did not disclose the identities of the investors; however, it did indicate that it was in the “advanced stages” of conversations with two investors after signing three memorandums of understanding (MOUs) in the preceding month.

The investment round was suggested for the first time back in June, which gave the impression that the potential infusion of funds had nothing to do with the recent financial difficulties that the company has been experiencing.

The investment round is projected to be worth $40 million at a value of $400 million, despite the fact that the names of the investors have not yet been disclosed. During the first quarter, notable cryptocurrency exchange Coinbase made a strategic investment in digital currency exchange Zipmex that was kept confidential.

The anticipated talks with the SEC come one month after the regulator established a hotline for investors affected by the withdrawal suspensions to call and voice their concerns.

It was announced on August 15 that the company has secured more than three months of creditor protection, which will shield the exchange from potential creditor litigation until December 2, 2022, while it works on developing a reorganization strategy.

Conversations that will take place in the near future should, given the close attention that will be paid to Zipmex by regulatory authorities, reveal essential information about how the company may conduct its business in the years to come. According to Zipmex, additional details are expected to be revealed in the middle of September.

In addition, Zipmex announced on Thursday that wallet transfers for its native token ZMT between its Z Wallets and Trade Wallets have been restored this week, marking another step forward in the company’s efforts to reestablish full operations. This news came as a result of the company’s efforts to reestablish full operations. This feature is not currently accessible via the Zipmex app; rather, it can only be accessed through the company’s website at this time.

The organization is responsible for the operation of regulated exchanges in the countries of Thailand, Indonesia, Singapore, and Australia. Late in the month of July, Zipmex officially stopped allowing users to withdraw money from their wallets because of the volatile market conditions this year and their exposure to companies like Babel Finance and Celsius.

Since that time, Zipmex has gradually authorized withdrawals for a restricted quantity of assets held in Z Wallets. Withdrawals from trade wallets were first enabled in July of this year.

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