Friday, September 30, 2022
HomeNewsZipmex Seeks Meeting with Thai Regulator before Closing Funding

Zipmex Seeks Meeting with Thai Regulator before Closing Funding

Zipmex, a troubled cryptocurrency exchange that suspended withdrawals in July, is asking to arrange meetings with potential investors and Thailand’s Securities and Exchange Commission (SEC) before sealing a funding deal.

Announced on Thursday, the exchange wants to reveal its recovery plans to the regulator and other government agencies.

“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,” Zipmex said in a statement.

A Major Asian Crypto Exchange

Zipmex operates across several countries in the Asia Pacific region. However, it is known for its strong footing in Thailand, where it operates with a regulatory license. Additionally, it has a presence in Singapore, Australia and Indonesia.

The troubles of Zipmex started due to its exposure to Babel Finance, an Asian crypto lending platform now under liquidation. The exchange suspended withdrawals in July, but has now resumed transfers to a handful of coins.

Additionally, Zipmex was granted a moratorium period until December 2 from a Singapore court, protecting the company from any claims of its creditors. It is utilizing this time to bring other investors and draft a recovery plan.

Though Zipmex did not reveal the names of its potential investors, it highlighted that it was in the ‘advanced stages’ of discussion with two potential investors. It even signed three memorandums of understanding (MOUs) over the last month.

The exchange is expected to receive a check of $40 million at a valuation of $400 million, though there is no official confirmation about that.

“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,” the exchange stated.

Interestingly, Coinbase earlier showed its interest in acquiring Zipmex to penetrate the Southeast Asian markets. However, the American giant ended up only investing in the Asian competitor.


Most Popular