Following the suspension of withdrawals by the Thai crypto exchange Zipmex last week, local financial regulators are stepping in to investigate any losses suffered by investors.
The Securities and Exchange Commission (SEC) of Thailand is taking steps to gather all pertinent data from investors on how Zipmex-related problems have affected them.
On July 25, the regulatory body formally declared that Zipmex consumers could submit information through a discussion board on the Thai SEC's website.
After the cryptocurrency exchange briefly stopped allowing withdrawals of Thai baht and digital assets on Wednesday, the SEC reported receiving a number of complaints from Zipmex's victims.
“In the past, the SEC issued a letter requesting the company [Zipmex] to provide an efficient system to contact customers and handle complaints, as well as to take into account the protection of the interests of customers,” the announcement notes.
Along with Upbit, Bitkub, and other services, Zipmex is one of the primary cryptocurrency exchanges that the Thai government has authorized for formal regulation.
Withdrawals were unexpectedly blocked last week by the Zipmex exchange, which blamed a "combination of circumstances" outside of its control, including "volatile market conditions."
The halt in withdrawals coincided with Bitcoin's (BTC) multi-week highs exceeding $24,000. After two days of suspending withdrawals from its trade wallet, Zipmex partially restarted some platform activities and re-opened withdrawals.
The company stated that until further notice, "Transfer from Z Wallet, deposit, and trade will continue to be disabled."