Thai SEC launches digital hotline for Zipmex users

In the aftermath of the Thai cryptocurrency exchange Zipmex stopping withdrawals last week, local financial regulators are stepping in to look into potential losses by investors.

Thailand’s Securities and Exchange Commission (SEC) is taking action to collect all necessary information from investors on how they have been affected by issues on Zipmex.

The regulator officially announced on July 25 that Zipmex customers can submit information via an online forum on the Thai SEC’s official website.

The SEC has received a number of complaints from people affected by Zipmex after the crypto exchange temporarily suspended withdrawals of the Thai baht and digital assets on July 20, the regulator said.

“In the past, the SEC issued a letter requesting the company [Zipmex] to provide an efficient system to contact customers and handle complaints, as well as to take into account the protection of the interests of customers,” the announcement notes.

Zipmex is one of the major cryptocurrency exchanges officially regulated by the government of Thailand, alongside platforms like Upbit, Bitkub and others. The Zipmex exchange abruptly stopped withdrawals last week, citing a “combination of circumstances” that were beyond the company’s control, including “volatile market conditions.”

The withdrawals’ pause came amid Bitcoin (BTC) hitting multi-week highs above $24,000. Zipmex partially resumed some operations on the platform, re-launching withdrawals from its trade wallet after two days after disabling withdrawals. “Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice,” the firm said.