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Thai SEC seeks clarification from Zipmex on withdrawal freeze

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The Thai Securities and Exchange Commission (SEC) has sent a letter to the Zipmex cryptocurrency exchange asking for clarification regarding the suspension of withdrawals by all customers, according to a July 21 announcement. Press release.

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The Thai Securities and Exchange Commission has asked Zipmex to provide details on the amount of customer assets it holds and how customer funds held in ZipUp wallets have been used. ZipUp is a savings program provided by Zipmex. promised yield up to 10% per year.

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The regulator also requested details on Zipmex’s impact on Celsius Network and Babel Finance.

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Celsius filed for Chapter 11 bankruptcy on July 14, a month after it stopped making withdrawals and transfers. Babel Finance suspended withdrawals on June 17 and later announced that it had reached an agreement with counterparties on a repayment period for its debts, which helped alleviate the liquidity crunch.

In Thailand, the SEC is a crypto market watchdog that offers licenses to exchanges and approves listings of tokens. Earlier this year, the regulator banned the use of digital assets to pay for goods or services.

Resume or not resume withdrawals

Meanwhile, Zipmex tweeted that it is resuming withdrawals and deposits for trading wallets from 6pm TH on July 21st. However, auctions will remain closed for now.

Curiously, Zipmex posted an official statement on Twitter along with an announcement that was removed almost immediately. The statement that was general another Twitter user noted that Zipmex’s holdings in Celsius Network and Babel Finance were $5 million and $48 million, respectively, as of July 21.

Zipmex also said in a deleted statement that the firm is exploring all options to ease the current situation, including fundraising, lawsuits and restructuring.

After the scheduled time when withdrawals for merchant wallets were supposed to resume, Zipmex tweeted that the resumption would take place on July 22 instead, with no promised time as of press time.





Credit : cryptoslate.com

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