Thailand’s SEC Has Launched Digital Hotline For the Users Of Zipmex Crypto Exchange
Following the stop put by Zipmex (a crypto exchange) on the withdrawals in the previous week, the native financial regulators of Thailand are moving ahead to examine the likely losses caused to the investors.
Thai SEC Delves into Likely Losses Experienced by Zipmex Clients
The Securities and Exchange Commission (SEC) of Thailand is taking measures to gather the entirety of required information from the investors regarding the effects of the matters that took place on Zipmex. On 25th July, the regulator formally declared that the consumers of Zipmex can provide their information through an online platform on the official website of the Thailand SEC.
A lot of complaints have been received by the regulator from the people that have been affected by the termination implemented by Zipmex on the digital assets as well as the Thai baht’s withdrawals on 20th July, as mentioned by the regulator. Formerly, a letter had been released by the SEC directing the exchange to provide an effective system for communication with the consumers as well as to tackle the complaints and deal with consumer interests’ protection, as noted in the declaration.
The position of Zipmex is among the prominent crypto exchanges that are formally regulated under the Thailand government, simultaneous to the venues such as Bitkub, Upbit, and others. The exchange unexpectedly halted the withdrawals recent week, while referring to several conditions that were described as being out of the control of the exchange platform, and the volatility that prevailed across the market was also mentioned among them.
The pause in withdrawals was witnessed when Bitcoin (BTC) touched its multi-week highs at $24,000. After that, some of the company’s activities have been partially resumed by Zipmex, recommencing withdrawals from its local trade wallet following an interval of a couple of days of withdrawal suspension. Transaction, trade, and deposit from Z Wallet will remain disabled till Zipmex issues any further notice, as disclosed by the venue.
Zipmex Spokesperson Informs Otherwise
A spokesperson from Zipmex brought to the front that the exchange was completely abiding by the instructions set by the SEC and active participation has been done by it in communication with the government agencies. Zipmex counts as the latest crypto organization that is going through such problems after a severe sell-off that took place within the markets beginning in May as the duo tokens TerraUSD and Luna collapsed.
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