Thai SEC seeks clarification from Zipmex on withdrawal freeze

The Thailand Securities and Exchange Commission (SEC) has sent a missive to Cryptocurrency speech Zipmex, asking for clarifications astir the halt of each lawsuit withdrawals, according to a July 21 press release.

Thailand’s SEC asked Zipmex to supply details astir the magnitude of lawsuit assets nether its custody and however the lawsuit funds deposited successful the ZipUp wallets were used. ZipUp is simply a savings programme provided by Zipmex that promised returns of up to 10% per year.

The regulator besides asked for details regarding Zipmex’s vulnerability to Celsius Network and Babel Finance.

Celsius declared Chapter 11 bankruptcy connected July 14, a period aft it halted withdrawals and transfers. Babel Finance halted withdrawals connected June 17 and aboriginal announced that it had reached an statement with counterparties connected the repayment play of its debts, which helped easiness its liquidity crunch.

In Thailand, the SEC is the crypto marketplace watchdog that offers licenses to exchanges and approves token listings. Earlier this year, the regulator banned the usage of integer assets for payments against goods oregon services.

To resume oregon not to resume withdrawals

Meanwhile, Zipmex tweeted that it is resuming withdrawals and deposits for Trade Wallets from 6 p.m. Thailand clip connected July 21. However, trading volition stay closed for the clip being.

Important Announcement

We are extending our attraction play and volition re-enable withdrawals and deposits for your Trade Wallet connected 21 July 2022 astatine 18:00 (GMT+7). Trading volition stay disabled until further notice. pic.twitter.com/2qCDzcyjdY

— ZIPMEX (@zipmex) July 21, 2022

Curiously, determination was an authoritative connection posted by Zipmex connected Twitter, on with the announcement, that was astir instantly deleted. The statement, which was shared by different Twitter user, noted that Zipmex’s vulnerability to Celsius Network and Babel Finance stood astatine $5 cardinal and $48 cardinal respectively, arsenic of July 21.

The deleted connection from Zipmex further said that the steadfast was exploring each options to easiness its existent situation, including fundraising, ineligible action, and restructuring.

After the scheduled clip erstwhile withdrawals for Trade Wallets were expected to resume, Zipmex tweeted that the resumption volition instrumentality spot connected July 22 instead, with nary promised clip arsenic of property time.

Important Announcement
To forestall immoderate method issues, we are extending our attraction play for Trade Wallet until 22 July 2022 (GMT+7).

We are moving hard to bring backmost the Trade Wallet relation arsenic soon arsenic we can. Withdrawals volition beryllium enabled erstwhile we’re back. pic.twitter.com/o0d0h4PuNj

— ZIPMEX (@zipmex) July 21, 2022

The station Thai SEC seeks clarification from Zipmex connected withdrawal freeze appeared archetypal connected CryptoSlate.