Thai SEC Launches Online Complaint Form after Zipmex’s Withdrawal Pause

The Thailand Securities and Exchange Commission
(SEC) on Monday launched an online form on its website to accept complaints from
customers affected by the recent halt on withdrawal placed by cryptocurrency
exchange Zipmex.

The local regulator said the measure is a reaction to the
complaints it received from customers of the Singapore-headquartered exchange.

The Thai securities watchdog noted that the form will
enable it to “gather factual information clearly and accurately”.

“In the past, the SEC has issued a letter
requesting the Company [Zipmex] to provide an adequate and efficient service
system to contact customers and handle complaints as well as to take into
account the protection of the interests of customers,” Thai SEC said in a statement announcing the measure.

Finance Magnates reported on July 20 that Zipmex
suspended
withdrawals
on its platform.

“Due to a combination of circumstances beyond
our control including volatile market conditions, and the resulting financial
difficulties of our key business partners, to maintain the integrity of our
platform, we would be pausing withdrawals until further notice,” Zipmex
explained on Twitter.

However, on July 22, Zipmex restored part of its
services.

While the cryptocurrency exchange allowed the resumption of withdrawals on its Trade Wallet,
it still halted deposit, trade, and transfer from Z Wallet.

Zipmex in APAC

Zipmex has footing in several countries of the
Asia Pacific region, including Australia, Singapore and Indonesia.

However, the crypto exchange’s presence in
Thailand is much more prominent.

American cryptocurrency exchange, Coinbase, initially planned to fully acquire Zipmex but later opted for placing ‘a strategic investment’ in the Thai-focused exchange.

The undisclosed sum of investment, part of
Zipmex’s Series B financing round, is reported to have placed the value of
Zipmex at around $400 million

Zipmex’s Co-Founder and CEO, Marcus Lim,
ascribed the change of plans to unfavorable market conditions.

The Thailand Securities and Exchange Commission
(SEC) on Monday launched an online form on its website to accept complaints from
customers affected by the recent halt on withdrawal placed by cryptocurrency
exchange Zipmex.

The local regulator said the measure is a reaction to the
complaints it received from customers of the Singapore-headquartered exchange.

The Thai securities watchdog noted that the form will
enable it to “gather factual information clearly and accurately”.

“In the past, the SEC has issued a letter
requesting the Company [Zipmex] to provide an adequate and efficient service
system to contact customers and handle complaints as well as to take into
account the protection of the interests of customers,” Thai SEC said in a statement announcing the measure.

Finance Magnates reported on July 20 that Zipmex
suspended
withdrawals
on its platform.

“Due to a combination of circumstances beyond
our control including volatile market conditions, and the resulting financial
difficulties of our key business partners, to maintain the integrity of our
platform, we would be pausing withdrawals until further notice,” Zipmex
explained on Twitter.

However, on July 22, Zipmex restored part of its
services.

While the cryptocurrency exchange allowed the resumption of withdrawals on its Trade Wallet,
it still halted deposit, trade, and transfer from Z Wallet.

Zipmex in APAC

Zipmex has footing in several countries of the
Asia Pacific region, including Australia, Singapore and Indonesia.

However, the crypto exchange’s presence in
Thailand is much more prominent.

American cryptocurrency exchange, Coinbase, initially planned to fully acquire Zipmex but later opted for placing ‘a strategic investment’ in the Thai-focused exchange.

The undisclosed sum of investment, part of
Zipmex’s Series B financing round, is reported to have placed the value of
Zipmex at around $400 million

Zipmex’s Co-Founder and CEO, Marcus Lim,
ascribed the change of plans to unfavorable market conditions.

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