After Thai crypto exchange Zipmex stopped withdrawing funds last week, local financial regulators are stepping in to look into potential losses for investors.
The Thai Securities and Exchange Commission (SEC) is taking steps to gather all the necessary information from investors on how they have been affected by the Zipmex issues.
Regulator officially announced On July 25, Zipmex customers can submit information through an online forum on the official website of the Securities and Exchange Commission of Thailand.
The SEC has received a number of complaints from people affected by Zipmex after the cryptocurrency exchange temporarily suspended the withdrawal of Thai baht and digital assets on July 20, the regulator said.
“In the past, the SEC issued a letter asking the company [Zipmex] to ensure an effective system of communication with clients and work with claims, as well as to take into account the protection of the interests of clients,” the message says.
Zipmex is officially one of the largest cryptocurrency exchanges. adjustable by the Thai government, along with platforms such as Upbit, Bitkub, and others. Last week, the Zipmex exchange abruptly stopped withdrawing funds, citing “a combination of circumstances” beyond the company’s control, including “volatile market conditions.”
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The withdrawal pause comes as Bitcoin (BTC) hit a multi-week high above $24,000. Zipmex has partially resumed some operations on the platform, re-launching withdrawals from its trading wallet two days after the withdrawal was disabled. “Transfer from Z Wallet, deposit and trading will continue to be disabled until further notice,” the firm said in a statement.
Credit : cointelegraph.com