Zipmex asks Thai regulators to discuss its restructuring

Thai cryptocurrency exchange Zipmex has sent a request to the SEC and other regulators in the country to discuss a ‘recovery plan’. Potential investors will also participate in the meeting on September 15, Bloomberg reports.

The firm said it is at an ‘advanced stage’ with two bidders for its assets after signing three letters of intent in July.

“Investors highly regard our potential and share our vision and mission for developing the digital economy in Thailand and Southeast Asia,” the company said.

According to Cointelegraph, the platform could be valued at $400 million.

In August 2021 Zipmex raised $41 million. The funds were provided by Bank of Ayudhya, the country’s fifth-largest bank by assets, along with media companies and venture funds.

On August 25 the exchange announced the re-enabled transfers of the native token ZMT between the Trade Wallet and the Z Wallet. The option is available via the website; a mobile application version will follow.

📌 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 faced liquidity shortages after problems at its partners — Babel Finance and Celsius Network. Their obligations stood at $5 million and $48 million respectively.

On July 20 the company suspended withdrawals, citing ‘volatile market conditions and the resulting financial difficulties of key business partners’.

A few days later Zipmex partially resumed deposits and withdrawals.

On August 15 the platform secured an extension of the moratorium on creditor protection until December 2.

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