Zipmex requests meetings with the Thailand regulators to discuss its recovery plan after the crypto exchange acquired investment funding from two potential investors and credit protection.
Zipmex, the Asian crypto exchange, officially requests a meeting with Thailand’s Securities and Exchange Commission (SEC).
While issuing a statement on August 25 the exchange claimed that the meetings will serve to discuss the firm’s recovery plan. The meetings also encompass other regulators within the crypto space.
“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 meeting with regulators
Zipmex claimed that it submitted a letter requesting meetings with the securities regulator. The crypto exchange reiterated that the firm’s potential investors will also attend the meetings.
The exchange seeks to present its recovery plan and introduce its potential investors. The scheduled meeting comes in after Zipmex secured funding after signing three MoUs.
Over the last month, the exchange discussed with two investors to sign a memorandum of understanding (MOU). The exchange insisted that the talks reached an advanced stage. However, the company remained tight-lipped on who the investors are.
Zipmex claims that the potential investors share a common vision and mission with the firm. The investors aim to develop the digital economy in Thailand and Southeast Asia.
The investment package remains undisclosed despite a prediction of about $40 million. The expected funding caps at a valuation of $400 million.
The recovery plan
During the first quarter, Coinbase made an undisclosed strategic investment into Zipmex.
The discussions between Zipmex and SEC came after SEC launched a hotline for affected investors. The investors sustained impacts by the withdrawal suspensions to report their complaints on the matter.
Zipmex scored more than three months of creditor protection. Creditor protection protects the exchange from potential creditor lawsuits until Dec 2, 2022. The firm must come up with a restructuring plan by then.
Zipmex claimed that it will provide more information on the plan by September. Zipmex revealed that wallet transfers for its nature token ZMT between its Z wallets and trade wallets are re-established.
The move ensured that the exchange made progress in its recovery plan. The exchange continues to work hard in ensuring the company resumes operations.
Subsequently, the transfers remain accessible through its website and the Zipmex App.
Zipmex’s journey in Thailand
In June, Zipmex became the latest victim of the ongoing crypto crash. The firm ran into liquidity problems that it blamed on troubled crypto lenders. The crypto lenders include Babel Finance and Celsius Network.
The crypto exchange filed moratorium applications in the city-state for five business entities. The moratoriums aimed at protecting Zipmex from any legal claims or proceedings. The protection was set to last six months.
The move gave Zipmex breathing space to explore options to handle its liquidity problems. The moratoriums also enabled the company to come up with a restructuring plan.
With the injection of capital and scheduled meetings, Zipmex seems to be pushing for a very strong comeback.
