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 along with other regulators to discuss the recovery plan. Zipmex had recently submitted a letter that will request to schedule meetings with the safety regulators.

This meeting should also include the crypto firm’s potential investors. The exchange had suspended withdrawals in July due to a financial crisis. A meeting involving Thailand’s SEC and investors in Zipmex is essential before a financing deal is finalised.

Zipmex stated,

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.

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

Crypto Exchange has not disclosed details about the investors

Zipmex has not currently disclosed any information about potential investors. It has mentioned that it is now in the “Advanced Stages” of discussion.

The financing round must have taken place in June this year. It meant that the current infusion of capital in the company is not actually related to its current financial problems.

Zipmex also stated that

The investors we have been in discussion with fully understand our potential and also share our vision and mission to develop the digital economy in Thailand and Southeast Asia.

In recent times, the crypto exchange has also reactivated its Z wallet. This wallet allows users to receive bonuses and earnings.

These representatives will work as financial advisors to Zipmex and also assist proposed scheme 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 creditors from suppliers.”

The funding round could be worth $40 million

There has been no word on the investors of Zipmex. The funding round is reported to be worth $40 million and valued at $400 million. The company is said to release information on the same next month.

In addition, Coinbase has already made an undisclosed strategic investment in Zipmex during Q1. Zipmex has secured an extension of the moratorium until December 2 by the Singapore High Court. The crypto exchange has bought time before it can solve the liquidity problems.

This discussion with the Thai SEC comes after a month since the crypto exchange launched a hotline for inventors. This hotline will help investors who have been affected by the suspension of withdrawals and report their complaints on the issue in question.