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Zipmex has requested a meeting with Thai regulators to discuss a ‘recovery plan’

by Chief editor

Crypto-exchange Zipmex has requested a meeting with the Securities and Exchange Commission of Thailand (SEC) and other regulators to discuss the firm’s “recovery plan”.

In a statement on August 25, Zipmex said it had sent a letter requesting meetings with the securities regulator, which would also involve potential investors in the firm.

“We have requested a meeting with the Securities Commission of Thailand and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government authorities.”

The company has remained silent on who the investors might be, but said it was at an “advanced stage” of discussions with two investors after signing three memoranda of understanding (MoUs) in the past month.

“The investors we negotiated with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia,” Zipmex said.

The funding round is expected to be worth $40 million with an estimate of $400 million. Notably, Coinbase already made an undisclosed strategic investment in Zipmex in the first quarter. A month ago, the SEC launched a hotline for investors affected by the suspension of withdrawals. On 15 August, Cointelegraph reported that the company had received protection from creditors until 2 December 2022. During this period, it must develop a restructuring plan. Zipmex also said on Thursday that the ZMT token transfer function between Z-wallets and merchant wallets in the Zipmex app was restored this week.

Thai SEC
“I can confirm that we will continue to move forward to resume providing services to serve our customers efficiently and fairly,” said Dr Akalarp Yimwilai, co-founder of Zipmex.

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