After weeks of rumors, Thai crypto exchange Zipmex files for debt relief in S...
It appears the firm's fortune took a turn to the worst via its exposure to troubled crypto lending service Babel Finance. In a document dated Wednesday, July 27, Thai cryptocurrency exchange Zipmex said that its solicitors in Singapore, Morgan Lewis Stamford LLC, filed five moratorium applications, or legal authorization to debtors to postpone payment, under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of the company. Zipmex seeks to protect itself against third party actions, claims, and proceedings for a period of six months while the filing is....
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Thailand’s regulators are still approving crypto companies despite one of its largest ones suspending withdrawals. Thailand’s financial regulator, the Securities and Exchange Commission (SEC), has approved four more crypto companies in the Kingdom.On Aug. 4, it was reported in local media that the SEC had granted operating licenses to four more digital asset operators.These include Krungthai XSpring, a crypto broker affiliated with one of the country’s leading banks, and crypto exchange T-BOX Thailand. Also winning regulatory approval was crypto advisor and fund manager Coindee and Leif....
Cointelegraph spoke to the CEO of Zipmex following the failed Coinbase deal regarding rumors that crypto contagion has spread to Thailand. Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a "combination of circumstances" beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed moments prior as “rumors” just moments earlier by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase. Due to a combination of circumstances beyond our control including volatile market conditions, and the....
The Cyber Crime Investigation Bureau in Thailand will now consider whether to pursue legal action against Zipmex following the SEC's allegations. Thailand’s Securities and Exchange Commission, or SEC, has accused crypto exchange Zipmex and its co-founder Akalarp Yimwilai of non-compliance with local laws and referred the matter to the police.In a Wednesday announcement, the Thai SEC alleged Zipmex had not provided information on digital wallets and crypto transactions in compliance with the country’s Digital Assets Act. The regulator claimed that both Akalarp and the exchange forwarded....
After weeks of rumors, cryptocurrency exchange Zipmex said that it had filed for bankruptcy protection in Singapore in response to mounting legal threats from creditors. The Thailand-based crypto exchange is reported to have more than $50 million in exposure to Babel Finance and Celsius, crypto lenders that have severely been battered from the turmoil plaguing […]
Crypto exchange Zipmex has planned to meet with the Thailand Securities Exchange Commission along with other regulators to discuss the recovery plan. Zipmex had recently submitted a letter which will request to schedule meetings with the security regulators. This meeting shall also include the crypto firm’s potential investors. The exchange had suspended the withdrawals in […]