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August 26, 2022

Zipmex Asked For A Meeting With Thailand SEC

Exchange Zipmex said in a statement on August 25 that it had written to the Thailand SEC asking for meetings with the involvement of possible investors of the firm to outline its idea. after experiencing financial issues as a result of the liquidity crisis that persisted over the previous two months, the reorganization plan.

We have asked to meet with the Securities Exchange Commission of Thailand and other regulators in the nation where we do business so that we may introduce our investors to them and show our recovery strategy to government organizations.

The SEC issued an ultimatum to Zipmex a month ago due to the exchange’s involvement in a $53 million loan to Babel Finance and Celsius, and consumers were prohibited from withdrawing money from the exchange. Discussions with the regulator were then sought.

After encountering the aforementioned difficulties, Zipmex obtained a rescue offer from an anonymous source and a Singapore Supreme Court amnesty for an extra three-month debt payback requirement.

But given the SEC’s interest in Zipmex, the next meetings will provide crucial details on how the business may handle further repayments. Additionally, Zipmex said that they will be providing additional clarification on the subject by mid-September 2022.

The business did not identify the investors, but it did say that it had signed three memorandums of understanding (MOUs) in the previous month and was in “advanced stages” of talks with two investors.

The first statement of the investment round in June suggested that the potential infusion of funds had nothing to do with the business’ most recent financial difficulties.

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Additionally, Zipmex said that this week saw a reset of the wallet transfer for its native token, ZMT, between Z Wallets and Trade Wallets. This is another step forward for the firm as it works diligently to get everything back up and running. However, the Zipmex app does not yet provide the capability; only the website does.