Thailand’s SEC Probing Potential Losses for Users of Crypto Platform Zipmex Users After Suspended Withdrawals

Thailand’s SEC has asked impacted users of Zipmex to submit information on how they had been affected by the problems at the platform.

Thailand’s SEC Probing Potential Losses for Users of Crypto Platform Zipmex Users After Suspended Withdrawals

SEC said in a statement it was asking impacted users of Zipmex to submit information

Highlights
  • SEC's board ordered Zipmex to open trade
  • The announcements come as crypto trading in Thailand has slowed
  • Zipmex is the latest crypto firm to face difficulties

Thailand's Securities and Exchange Commission said on Monday it was working with law enforcement to look into potential losses among the public after the crypto exchange Zipmex temporarily suspended withdrawals last week.

The SEC said in a statement it was asking impacted users of Zipmex to submit information via an online forum on how they had been affected by the problems at the platform.

The Southeast Asia-focused cryptocurrency exchange, which operates in Thailand, Indonesia, Singapore and Australia, 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 (roughly Rs. 420 crore) in crypto lenders, Babel Finance and Celsius.

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

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 (roughly Rs. 4,300 crore) 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 https://www.sec.or.th/en/pages/shortcut/digitalasset.aspx shows. At the weekend, the company said in a Facebook post it was exploring a deal with an "interested party."

© Thomson Reuters 2022


Why is Oppo making strange choices with its flagship Reno series? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Zipmex, Cryptocurrency
FIFA 23, Juventus Strike New Deal to End Italian Club's 3-Year Absence
Scientists in US Hack Fruit Flies' Brains to Make Them Remote-Controlled
Read in: हिंदी
Share on Facebook Tweet Snapchat Share Reddit Comment

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.