Thai SEC seeks clarification from Zipmex on withdrawal freeze

According to July 21, the Securities and Exchange Commission of Thailand (SEC) has sent a letter to the cryptocurrency exchange Zipmex asking for an explanation of the suspension of withdrawals for all clients. press release..

The Thai SEC has asked Zipmex to provide details on the amount of customer assets under its control and how the customer funds deposited in the ZipUp wallet were used. ZipUp is a savings program provided by Zipmex. promised Up to 10% annual revenue.

Regulators also sought details on Zipmex’s exposure to the Celsius Network and Babel Finance.

Celsius declared the bankruptcy of Chapter 11 on July 14, a month after stopping withdrawals and remittances. Babel Finance has announced that it has suspended withdrawals on June 17, after which it has reached an agreement with its counterparty on the debt repayment period. This alleviated the tight liquidity.

In Thailand, the SEC is a crypto market watchdog that licenses exchanges and approves token lists. Earlier this year, regulators banned the use of digital assets to pay for goods and services.

Whether to resume withdrawals or not

Meanwhile, Zipmex tweeted that it will resume withdrawing and depositing trade wallets from 6 pm Thai time on July 21st. However, the transaction will remain closed for the foreseeable future.

Important notice

We will extend the maintenance period and re-enable trade wallet withdrawals and deposits at 18:00 (GMT + 7) on July 21, 2022. The transaction will remain invalid until you are notified later. pic.twitter.com/2qCDzcyjdY

ZIPMEX (@zipmex) July 21, 2022

Curiously, an official statement posted by Zipmex on Twitter came along with the announcement and was removed almost immediately.Was a statement share As of July 21, Zipmex’s exposure to Celsius Network and Babel Finance was $ 5 million and $ 48 million, respectively, according to another Twitter user.

The statement removed from Zipmex further states that it is considering all options to mitigate the current situation, including financing, legal action and restructuring.

After the time the trade wallet withdrawal was scheduled to resume, Zipmex tweeted that it would be resumed on July 22 instead, without the promised time at the time of the press.

Important notice
To prevent technical problems, we will extend the maintenance period of Trade Wallet until July 22, 2022 (GMT + 7).

We are working hard to restore the trade wallet function as soon as possible. When you come back, your withdrawal will be activated. pic.twitter.com/o0d0h4PuNj

ZIPMEX (@zipmex) July 21, 2022