Zipmex Requests Meeting With Thai Regulators Ahead of Fundraise

In an attempt to stay afloat, Zipmex has asked for meetings with the Securities Exchange Commission in Thailand as well as other government agencies as it works on a recovery plan.

The firm intends to introduce its investors to the watchdogs. In a statement, Zipmex said,

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

• According to the announcement, KordaMentha Pte Ltd has been appointed as the financial adviser by Zipmex to help the firm with the restructuring process.
• Even as Zipmex continues to have a strong foothold in Thailand, the troubled cryptocurrency exchange has expanded its operations across several countries, including Singapore, Indonesia, and Australia.
• Earlier, it filed for moratorium relief to prevent its creditors from making claims for the next six months. The Singapore High Court, however, provided the exchange with a little more than three months of creditor protection.
• Back in July, Zipmex froze withdrawals citing financial difficulties that linked back to the liquidity crisis faced by two crypto lenders, Babel Finance and Celsius. It has now resumed partial withdrawals from its trade wallet.
• The latest development comes ahead of a funding deal of $50 million that Zipmex has been anticipating. The exchange has not divulged the names of any investors but has asserted that it was in advanced stages of discussion with two such prospects and is nearing concluding the deal.
• They have reportedly signed three memorandums of understanding (MOUs) in the past month alone in a bid to secure some much-needed funding.