Thailand is looking into possible losses for Zipmex users

After the cryptocurrency exchange platform Zipmex temporarily stopped allowing withdrawals last week, Thailand’s Securities and Exchange Commission stated on Monday that it was collaborating with law enforcement to investigate any losses among the general public.

In a statement, the SEC said it was requesting information from affected Zipmex users on how the platform’s issues had affected them via an online forum.

The cryptocurrency exchange with a focus on Southeast Asia, which runs in Thailand, Indonesia, Singapore, and Australia, stopped accepting withdrawals last Wednesday.

Except for transfers from one investment product, which the company subsequently claimed had exposure worth $53 million in cryptocurrency lenders, Babel Finance and Celsius, withdrawals began that evening in Thailand and thereafter in other countries.

Players in the cryptocurrency industry who have recently had issues include Celsius and Babel Finance.

In a separate statement, the SEC stated that late on Monday, the board of directors instructed Zipmex to open trading in accordance with trading regulations within three days, including enabling withdrawals and deposits.

The news came after Thai lender SCB X Pcl announced it was extending the due diligence period for its $537 million acquisition of Thai cryptocurrency exchange, Bitkub, and as cryptocurrency trading in Thailand has slowed.

The crash of two linked currencies, Luna and TerraUSD, in May sparked a severe sell-off in markets, and Zipmex is the most recent cryptocurrency company to experience problems.

According to the SEC website, Zipmex has both a digital asset exchange license and a digital asset broker license. The firm said over the weekend that it was looking into a deal with a “interested party” in a Facebook post.

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