The Asian crypto exchange Zipmex has requested meetings with the Thai Securities Commission (SEC) and other regulators to discuss the firm’s “recovery plan”..
In a statement on Thursday, Zipmex said it had submitted a letter requesting meetings with the securities regulator, which potential investors in the firm will also attend.:
“We have requested meetings with the Securities Market Commission of Thailand and with regulators in the country in which we operate to introduce our investors to regulators and present our turnaround plan to government agencies.”
Although the company has not disclosed who the investors might be, Zipmex has indicated that it is in an “advanced phase” of talks with two investors after having signed three memorandums of understanding in the last month..
The financing round was initially announced in June, which suggests that the possible injection of capital was not linked to the financial problems latest from the company.
“The investors with whom we have had discussions fully understand our potential and share our vision and mission to develop the digital economy in Thailand and Southeast Asia,” he said. Zipmex.
Despite the lack of names at this stage, the funding round is expected to be worth $40 million with a valuation of $400 million.. Notably, Coinbase has already made an undisclosed strategic investment in Zipmex during the first quarter.
The requested discussions with the SEC come a month after the regulator launched a hotline for investors affected by withdrawal suspensions to report complaints about it..
On August 15, Cointelegraph reported that the company had secured more than three months of creditor protection, which protects the exchange from potential creditor lawsuits until December 2, 2022, while it is undergoing a restructuring plan.
With the eyes of regulators on Zipmex, upcoming discussions should provide important insights into how the company can proceed in the future. Zipmex stated that it will soon provide further clarification on the matter in mid-September..
Zipmex also revealed on Thursday that wallet transfers for its native ZMT token between its Z Wallet and Trade Wallet have been restored this week., marking further progress as the company works to become fully operational again. Nevertheless, this is only available through their website and not through the Zipmex app at this stage.
Zipmex has re-enabled transfers from your Z Wallet to Trade Wallet for #ZMT. You’ll now be able to access your available ZMT by transferring the tokens across wallets on the Zipmex website https://t.co/Uxk0qZkGBp
More Info https://t.co/La4nW15EKx #Zipmex #ZipmexAsia pic.twitter.com/K4SQ096MZi
— ZIPMEX (@zipmex) August 25, 2022
Zipmex has re-enabled transfers from its Z Wallet to its Trade Wallet for #ZMT. You will now be able to access your available ZMT by transferring the tokens between wallets on the Zipmex website https://t.co/Uxk0qZkGBp
“We have resumed Z Wallet service and are doing our best to resolve the above issues. I can confirm that we will continue to make progress in resuming services to serve our customers effectively and fairly,” Akalarp Yimwilai said.co-founder of Zipmex.
The company operates with compliant exchanges in Thailand, Indonesia, Singapore, and Australia.. As a result of market volatility this year and exposure to firms like Babel Finance and Celsius, Zipmex officially stopped wallet withdrawals at the end of July.
Since then, Zipmex has gradually reinstated withdrawals for a select number of assets held in Z Wallets, while Trade Wallet withdrawals were quickly re-enabled in July.
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