Thai SEC launches digital hotline for Zipmex users

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Within the aftermath of the Thai cryptocurrency change Zipmex stopping withdrawals final week, native monetary regulators are stepping in to look into potential losses by buyers.

Thailand’s Securities and Alternate Fee (SEC) is taking motion to gather all obligatory info from buyers on how they’ve been affected by points on Zipmex.

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The regulator formally announced on July 25 that Zipmex prospects can submit info by way of an internet discussion board on the Thai SEC’s official web site.

The SEC has acquired quite a lot of complaints from folks affected by Zipmex after the crypto change temporarily suspended withdrawals of the Thai baht and digital belongings on July 20, the regulator stated.

“Previously, the SEC issued a letter requesting the corporate [Zipmex] to offer an environment friendly system to contact prospects and deal with complaints, in addition to to bear in mind the safety of the pursuits of shoppers,” the announcement notes.

Zipmex is likely one of the main cryptocurrency exchanges formally regulated by the federal government of Thailand, alongside platforms like Upbit, Bitkub and others. The Zipmex change abruptly stopped withdrawals final week, citing a “mixture of circumstances” that had been past the corporate’s management, together with “unstable market circumstances.”

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The withdrawals’ pause got here amid Bitcoin (BTC) hitting multi-week highs above $24,000. Zipmex partially resumed some operations on the platform, re-launching withdrawals from its commerce pockets after two days after disabling withdrawals. “Switch from Z Pockets, deposit and commerce will proceed to be disabled till additional discover,” the agency stated.