Thai SEC Launched A Digital Hotline For All Zipmex Users: Report

The Thai SEC launched a digital hotline for all Zipmex users and those affected can submit information about the losses in an online forum so let’s read more in our latest cryptocurrency latest news.

The investors affected by the Zipmex withdrawals pause are able to submit information about their losses in an online forum on the Thai SEC website. In the aftermath of the Thai exchange Zipmex stopping the withdrawals last week, the local financial regulators are stepping up to look into the potential loss by the investors. Thailand’s Securities and Exchange Commission took action to collect the needed information from investors on how they were affected by the issues on Zipmex. The regulator announced that the exchange customers can submit information in an online forum on the Thai SEC official website.

The Thai SEC launched a digital hotline for the Zipmex customers after getting a complaint from people that were affected by the withdrawal pause and the regulator said:

“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.”

Zipmex is one of the crypto exchanges regulated by the government of Thailand alongside platforms like Bitkub and Upbit so the exchange stopped withdrawals last week due to a combination of circumstances that were beyond the company’s control like the volatile market conditions. The withdrawal’s pause came amid BTC hitting a new high above $24,000 and the exchange resumed some of the operations on the platform and re-launched withdrawals from the trade wallet two days after disabling withdrawals. The company added:

 “Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice.”

As earlier reported, The company added that one of the parties offered terms in a MOU agreement which is often a starting point for negotiations. Zipmex didn’t quite explain the nature of the deal or the name of the buyer but it added that it sought to commence Due Dilliengce which is common in mergers and acquisitions, enabling buyers to take a deeper dive into the target company and its financial statements.