Crypto Exchange Zipmex Requests Meeting with Thai Regulators to Discuss Its "Recovery Plan"

Asian crypto exchange Zipmex has requested meeting with Thailand's Securities Exchange Commission (SEC) and other regulators to discuss the "recovery plan" of the firm.

Zipmex said in a statement: "We have requested meetings with Thailand's Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies."

It added: "The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia."

Though the crypto exchange didn't reveal who the investors would be, Zipmex noted that it was in "advanced stages" of discussion with two investors after signing three memorandums of understanding (MOUs) over the last month.

Zipmex gained the license from SEC in 2021​. However, affected by the turmoil in crypto market in this July, Zipmex forced to suspend withdrawals. Then in less than a week, the company filed for bankruptcy protection in Singapore​.

Despite reported financial issues for the exchange, Zipmex is expected to secure $40 million at a valuation of $400 million. Notably, Coinbase has already made an undisclosed strategic investment into Zipmex during Q1.

Zipmex seems to be on the mend. Earlier this month, the crypto exchange has announced its plans to release Ethereum and Bitcoin​ tokens, and allowed 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product.