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Thailand’s Securities and Exchange Commission Inspects Zipmex Halt of Withdraws

Thailand’s Securities and Exchange Commission Inspects Zipmex Halt of Withdraws

It seems that almost daily Zipmex gets into the spotlight of news after their temporary withdrawal suspension. 

Thailand’s Securities and Exchange Commission (SEC), together with the Department of Special Investigation (DSI) and the Economic Crime Suppression Division has decided to investigate the aftermath that Zipmex temporary withdrawal suspension had on investors

On July 25th, SEC shared an announcement that all of the investors who have been affected by this halt can submit their cases in an online form on the official Thai SEC website

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On top of that, SEC, DSI, and Economic Crime Suppression Division held a meeting the same day, where they considered whether or not Zipmex had violated other laws apart from the digital assets business act

This way, the Securities and Exchange Commission intends to gather all the necessary information about what effects Zipmex's actions had on the investors and to determine the scale of losses

According to the SEC, they have received multiple complaints after the suspension from people who were not able to withdraw their assets. 

In the announcement, the Commission notes that:

In the past, the SEC issued a letter requesting the company to provide an efficient system to contact customers and handle complaints, as well as to take into account the protection of the interests of customers.

It seems that Zipmex ignored this request and SEC had to take the initiative into its own hands. 

It is worth mentioning that everything started on July 20th, when Zipmex suspended withdrawals from their exchange platform blaming “volatile market conditions” and issues with financial partners. 

As a result, crypto investors were not able to withdraw their assets. After almost a week, Zipmex has yet to announce the damages the suspension had on its customers

In the overall announcement, Zipmex claimed that withdrawals were suspended due to problems in related crypto exchanges, Babel Finance and Celsius

Zipmex is not the only one freezing investor assets during this crypto bear market. In the previous months, Celsius, Voyager, CoinFLEX, and Vauld have done the same. 

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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