Thai SEC Launches Online Complaint Form after Zipmex’s Withdrawal Pause

The Thailand Securities and Exchange Commission (SEC) launched an online form on its website on Monday to accept complaints from customers affected by the recent halt on withdrawals placed by cryptocurrency exchange Zipmex.

The local regulator said the measure is a reaction to the complaints it received from customers of the Singapore-headquartered exchange.

The Thai securities watchdog noted that the form will enable it to “gather factual information clearly and accurately.”

“In the past, the SEC has issued a letter requesting the Company [Zipmex] to provide an adequate and efficient service system to contact customers and handle complaints as well as to take into account the protection of the interests of customers,” the Thai SEC said in a statement announcing the measure.

Finance Magnates reported on July 20 that Zipmex suspended withdrawals on its platform.

“Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,” Zipmex explained on Twitter.

Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.

— ZIPMEX (@zipmex) July 20, 2022

However, on July 22, Zipmex restored part of its services.

While the cryptocurrency exchange allowed the resumption of withdrawals on its Trade Wallet, it still halted deposit, trade and transfer from Z Wallet.

Zipmex in APAC

Zipmex has footing in several countries of the Asia Pacific region, including Australia, Singapore and Indonesia.

However, the crypto exchange’s presence in Thailand is much more prominent.

American cryptocurrency exchange, Coinbase, initially planned to fully acquire Zipmex but later opted for placing ‘a strategic investment’ in the Thai-focused exchange.

The undisclosed sum of investment, part of Zipmex’s Series B financing round, is reported to have placed the value of Zipmex at around $400 million.

Zipmex’s Co-Founder and CEO, Marcus Lim, ascribed the change of plans to unfavorable market conditions.