Crypto Exchange Zipmex Meets With Thai Regulators To Discuss Next Steps For Recovery

Crypto exchange Zipmex has planned to meet with the Thailand Securities Exchange Commission as well as other regulators to discuss the stimulus package. Zipmex had recently submitted a letter asking to schedule meetings with security regulators.

This meeting will also include the potential investors of the crypto company. The exchange had suspended withdrawals in July due to a financial crisis. A meeting involving the Thai SEC and Zipmex investors is important before a financing agreement is finalized.

Zipmex said,

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

The crypto exchange has signed a total of three memorandums of understanding (MOUs) in the past month. For the moment, the firm is in the “advanced stages” of discussions with two of its potential investors.

Crypto Exchange did not disclose investor details

Zipmex has not yet disclosed any information on potential investors. He mentioned that he is now in the “advanced stages” of the discussion.

The funding round would have taken place in June of this year. This meant that the current influx of capital into the company is in fact unrelated to its current financial problems.

Zipmex also stated that,

The investors we spoke to fully understand our potential and also share our vision and mission to grow the digital economy in Thailand and Southeast Asia.

Lately, the crypto exchange also reactivates its Z wallet. This wallet allows users to receive bonuses and winnings.

It has also been reported that the company is in contact with representatives of KordaMentha.

These representatives will work as financial advisors to Zipmex and will also assist proposed plan managers to deal with a financial crisis by reforming strategies.

The strategies should be able to restructure the current financial situation and also “maximize returns for all stakeholders, including our customers and supplier creditors”.

Funding round could be worth $40 million

There was no word regarding Zipmex’s investors. The funding round is said to be worth $40 million and with a valuation of $400 million. The company would release information on this next month.

Additionally, Coinbase already made an undisclosed strategic investment in Zipmex during the first quarter. Zipmex was granted an extension of the moratorium until December 2 by the High Court of Singapore. The crypto exchange has bought time until it can resolve its liquidity issues.

This discussion with the Thai SEC comes a month after the crypto exchange launched an investor hotline. This hotline will assist investors who have been affected by the suspension of withdrawals and report their complaints about this particular issue.

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Crypto Exchange Zipmex Meets With Thai Regulators To Discuss Next Steps For Recovery


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