Following the suspension of withdrawals by the Thai cryptocurrency exchange Zipmex last week, local financial regulators are intervening to investigate possible losses suffered by investors. Thailand’s Securities and Exchange Commission (SEC) is taking steps to gather all pertinent data from investors on how Zipmex-related problems have affected them. On July 25, the authority formally declared that Zipmex consumers could submit information on the Thai SEC’s website through a discussion board. Zipmex Users’ Complaints to SEC According to the supervisor, the SEC received several complaints from Zipmex victims after the cryptocurrency exchange stopped allowing withdrawals of Thai baht and digital assets on July 20. According to the release, the SEC issued a “letter” instructing the company, Zipmex, to offer an effective mechanism to contact customers, address complaints, and assess the protection of “customer interests.” Along with Upbit, Bitkub, and other platforms, Zipmex is one of the key cryptocurrency exchanges the Thai government has formally authorized. Withdrawals were unexpectedly blocked last week by the Zipmex exchange, which blamed a “combination of circumstances” outside its control, including “volatile market conditions.” The withdrawal halt coincided with Bitcoin’s (BTC) multi-week highs exceeding $24,000. Two days after blocking withdrawals, Zipmex partially restarted some platform activities by re-launching with...
