Zipmex Seeks Meeting Thailand SEC Over Recovery Plan
  • The claimed $40 million in fundraising will result in a $400 million value.
  • The SEC opened a hotline for investors affected by the withdrawal bans.

The Asian cryptocurrency exchange Zipmex has sought a meeting with the Securities Exchange Commission (SEC) of Thailand and other relevant authorities to examine the company’s “recovery plan.” Zipmex said in a statement released on Thursday that it had written to the securities regulator asking for a meeting at which the company’s prospective investors would also be present.

The letter read:

“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”

Restructuring Efforts

Zipmex signed three memorandums of understanding (MOUs) in the previous month with potential investors, but it has been tight-lipped about who they may be. Given that news of the investment round first surfaced in June, it’s safe to assume that it has nothing to do with the company’s current financial troubles.

Zipmex stated:

“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia.” 

Despite the current anonymity of the investors, the claimed $40 million in fundraising will result in a $400 million value. It is worth noting that Coinbase made a secretive strategic investment in Zipmex in the first quarter.

After the SEC opened a hotline for investors affected by the withdrawal bans to submit concerns about the subject a month ago, investors have asked to meet with regulators to address the situation. Zipmex is under scrutiny from regulators. Thus, the next talks might provide useful insights into the company’s future. Zipmex has promised to offer further information on the situation by the month’s midpoint.

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