Thailand Investigating Potential Losses for Users of Crypto Platform Zipmex

After the crypto exchange Zipmex temporarily suspended withdrawals last week, Thailand’s Securities and Exchange Commission said on Monday, it was working with law enforcement to look into potential losses among the public.

According to the SEC’s statement, affected users of Zipmex were asked to submit information via an online forum on how they had been affected by the problems at the platform.

Last Wednesday, The Southeast Asia-focused crypto exchange, which operates in Thailand, Indonesia, Singapore and Australia have suspended withdrawals.

Withdrawals were resumed on the same evening in Thailand and later on in other countries, except for transfers from one investment product. The company later said it had exposure worth $53 million to crypto lenders, Babel Finance and Celsius.

Late on Monday, the SEC’s board ordered Zipmex to open trade according to trading rules within three days, including allowing withdrawals and deposits, it said in another statement.

Crypto trading in Thailand has slowed and after Thai lender SCB X Pcl has extended the due diligence period for its $537 million acquisition of Thai crypto exchange, Bitkub.

The latest crypto firm to face difficulties following a sharp sell-off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD is Zipmex.

The SEC website stated that Zipmex holds a digital asset exchange and a digital asset broker license.  During the weekend, the company said in a Facebook post that it was exploring a deal with an “interested party.”