Zipmex wants to meet with Thai officials for “recovery strategy”

According to the company, the discussions would also involve representatives from Zipmex, Thailand’s SEC, and other governmental organizations.
Zipmex wants to meet with Thai officials for "recovery strategy"
Zipmex wants to meet with Thai officials for “recovery strategy”

To discuss the company’s “recovery strategy,” Zipmex has asked to meet with the Securities Exchange Commission of Thailand (SEC) and other regulators.

In a statement released on August 25, Zipmex stated that it has sent a letter requesting meetings with the securities regulator, which will also include prospective investors for the company.

“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”

Though the business remained mum regarding the potential investors, the exchange claimed that after concluding three memorandums of understanding (MOU) in the previous month, it was in the “advanced stages” of talks with two investors.

Since the investment round was first mentioned in June, it is possible that the potential capital infusion had nothing to do with the company’s more recent financial difficulties.

“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia,” said Zipmex. 

Despite the absence of names at this time, it is reported that the investment round will be worth $40 million at a $400 million value. It should be noted that during Q1, Coinbase already made an unnamed strategic investment into Zipmex.

One month after the SEC opened a hotline for investors affected by the withdrawal suspensions to register their grievances on the topic, discussions with the agency have been requested.

The exchange is shielded from any creditor lawsuits until December 2, 2022 thanks to the company’s achievement of more than three months of creditor protection in August.

Given that regulators are keeping an eye on the exchange, the upcoming conversations should reveal crucial details about how the business might move forward. Around the middle of September, according to Zipmex, further information will be forthcoming.

Additionally, Zipmex disclosed on Thursday that this week saw the restoration of wallet transfers for its native token ZMT between its Z Wallets and Trade Wallets, signaling further advancement in the company’s efforts to resume normal operations. At this time, however, this is only accessible via its website and not the Zipmex App.

“By resuming the Z Wallet service and doing everything possible to resolve the aforementioned problems. I can confirm that we will continue to move forward to resume services to serve our customers effectively and fairly,” said Dr. Akalarp Yimwilai, co-founder of Zipmex.

In Thailand, Indonesia, Singapore, and Australia, the company runs compliant exchanges. Zipmex formally halted wallet withdrawals in late July due to market volatility this year and exposure to companies like Babel Finance and Celsius.

Since that time, Zipmex has gradually allowed withdrawals for some of the assets contained in Z Wallets, while trade wallet withdrawals were immediately allowed to resume in July.