Crypto Exchange Zipmex Meets Thai Regulators To Discuss Next Steps Of Recovery
Cryptocurrency exchange Zipmex plans to Thailand The SEC joins other regulators to discuss recovery plans. Zipmex recently filed a letter asking to schedule a meeting with safety regulators.
This meeting should also include potential investors in crypto companies. The exchange suspended withdrawals in July due to the financial crisis. Meetings between Thailand’s Securities and Exchange Commission and Zipmex investors are important before finalizing the financing deal.
We have requested meetings with the Securities and Exchange Commission of Thailand and regulators in the countries in which we operate to introduce our investors to regulators and our recovery plan to government agencies.
The cryptocurrency exchange has signed three memorandums of understanding (MOUs) in the past month. Currently, the company is in an “advanced state” in discussions with two potential investors.
Crypto Exchange Has Not Disclosed Investor Details
Zipmex has not disclosed any information about potential investors. It mentioned that it is now in an “advanced stage” of discussions.
The round is said to have taken place in June of this year. This means that the company’s current capital inflows are actually unrelated to its current financial problems.
Zipmex also stated,
The investors we discussed with us fully understood our potential and shared our vision and mission to develop the digital economy in Thailand and Southeast Asia.
Recently, the cryptocurrency exchange also reactivated its Z wallet. The wallet allows users to earn bonuses and income.
The representatives will serve as financial advisors to Zipmex and help the proposed program manager respond to the financial crisis with reform strategies.
These strategies should be able to restructure the current financial situation and “maximise returns for all stakeholders including our customers and supplier creditors”.
A funding round could be worth $40 million
No word on Zipmex investors. The round was reportedly worth $40 million at a valuation of $400 million. The company is said to be releasing information about the same next month.
Additionally, Coinbase has made an undisclosed strategic investment in Zipmex during the first quarter. Zipmex has been granted a stay by the Singapore High Court until December 2. The cryptocurrency exchange has bought time until it can solve its liquidity problems.
The discussions with the Securities and Exchange Commission of Thailand come a month after the cryptocurrency exchange opened a hotline for investors. The hotline will help investors affected by the suspension of withdrawals and report their complaints about that particular issue.