Zipmex asks for meeting with Thai regulator before fundraising

In order to make ends meet, Zipmex has requested a meeting with the Stock Exchange Thailand Committee and Other government agencies develop recovery plans.

The company intends to introduce its investors to regulators. Zipmex said in a statement,

“We have requested a consultation with the Securities and Exchange Commission of Thailand and the regulators in the countries in which we operate. Introduce our investors to regulators and our recovery plan to government agencies.”

• According to the announcement, KordaMentha Pte Ltd has been appointed by Zipmex as financial advisor to assist the company in the restructuring process.
• While Zipmex continues to gain a foothold in Thailand, the beleaguered cryptocurrency exchange has expanded its operations to multiple countries, including Singapore, Indonesia and Australia.
• Earlier, it applied for a moratorium on relief to prevent its creditors from filing claims for the next six months. However, the Singapore High Court gave the exchange more than three months of creditor protection.
• Back in July, Zipmex froze withdrawals, citing financial difficulties with two cryptocurrency lenders, Babel Finance and Celsius facing the liquidity crisis. It has now resumed partial withdrawals from its trading wallet.
• The latest development was anticipated ahead of Zipmex’s $50 million financing deal. The exchange did not name any of its investors, but claimed it was in the advanced stages of discussions with two such potential clients and was close to closing the deal.
• In the past month alone, they have reportedly signed three Memorandums of Understanding (MOUs) to secure Some much-needed funds.