Thai regulator launches hotline for Zipmex exchange clients

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Securities and Exchange CommissionThe (SEC), responding to complaints from affected clients of the Zipmex crypto exchange, will analyze and assess the consequences of the company's problems.

The SEC reports that in order to collect information fromA hotline has been opened for investors. People affected by the suspension of Zipmex withdrawals can submit information about their losses through an online form on the official website of the department.

Due to the lack of availability of the SECreliable data that led to the suspension of the withdrawal of funds, the regulator sent Zipmex a request for a full explanation of all the details of the event. The company is obliged to provide data on client assets that were deposited under the ZipUp program and invested in various platforms, especially the problematic Celsius and Babel Finance.

Previously, the SEC of Thailand addressed the exchange withrequirement to ensure transparent and efficient operation of customer service. The regulator required Zipmex to collect complete information when supporting operations, reviewing complaints and handling customer complaints.

On July 20, the CEO of a large ThaiCrypto exchange Zipmex Marcus Lim said the exchange was suspending withdrawals, citing a “combination of circumstances” that were beyond the company’s control, including “volatile market conditions.”

A day later the platform reported
on the resumption of deposit and withdrawal operations from 18:00 (GMT +7) on July 21. At the same time, trading operations with crypto assets remains unavailable until further notice from the company.