On July 25, Thailand’s Securities and Exchange Commission (SEC) officially announced that Zipmex customers can submit information via an online forum through the Thai SEC’s official website. 

After 20th July Zipmex briefly stopped allowing withdrawals of Thai baht and digital assets, and the SEC announced getting a few complaints from their 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. 

Zipmex is one of the primary cryptocurrency exchanges that the Thai government has authorized for formal regulation along with upbit, Bitkub, and other services. Zipmex blamed a “combination of circumstances” outside of its control, and “volatile market conditions” behind the unexpected blocking of withdrawal last week. 

The withdrawals’ halt coincidentally matched with Bitcoin (BTC) multi-week highs surpassing $24,000. Following two days of suspending withdrawals from its trade wallet, Zipmex restarted a few platform activities and reopened withdrawals to some extent. The crypto firm stated that until further notice, “Transfer from Z Wallet, deposit, and trade will continue to be disabled.” 

The action took followed by last week’s aftermath of the Thai cryptocurrency exchange Zipmex's stopping of withdrawals, local financial regulators are stepping in to look into potential losses by investors. The regulator is making a move to collect all necessary information from investors on how they have been impacted by the Southeast Asian cryptocurrency exchange’s issue.