In the aftermath of the Thai cryptocurrency alternate Zipmex stopping withdrawals final week, native monetary regulators are stepping in to look into potential losses by traders.
Thailand’s Securities and Exchange Commission (SEC) is taking motion to gather all crucial info from traders on how they’ve been affected by points on Zipmex.
The regulator formally introduced on July 25 that Zipmex prospects can submit info through a web-based discussion board on the Thai SEC’s official web site.
The SEC has obtained a variety of complaints from folks affected by Zipmex after the crypto alternate quickly suspended withdrawals of the Thai baht and digital property on July 20, the regulator mentioned.
“In the past, the SEC issued a letter requesting the company [Zipmex] to provide an efficient system to contact customers and handle complaints, as well as to take into account the protection of the interests of customers,” the announcement notes.
Zipmex is among the main cryptocurrency exchanges formally regulated by the federal government of Thailand, alongside platforms like Upbit, Bitkub and others. The Zipmex alternate abruptly stopped withdrawals final week, citing a “combination of circumstances” that had been past the corporate’s management, together with “volatile market conditions.”
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The withdrawals’ pause got here amid Bitcoin (BTC) hitting multi-week highs above $24,000. Zipmex partially resumed some operations on the platform, re-launching withdrawals from its commerce pockets after two days after disabling withdrawals. “Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice,” the agency mentioned.