Thailand’s Securities and Exchange Commission (SEC) has asked Zipmex to explain the Singapore-based crypto exchange platform’s to suspend withdrawals in the country, CoinDesk reported.
In a letter, the SEC asked for details of the size of customer assets the exchange had under management. The regulator also enquired whether the company has used troubled crypto lenders Celsius and Babel Finance. The SEC also asked how the funds deposited into the firm’s ZipUp program were used.
Earlier in the day, Zipmex posted a statement on Twitter stating that it was extending its maintenance period and reenabling withdrawals and deposits for its wallets, though ZipUp accounts will remain disabled.
This development comes after the platform announced earlier this week that it would be ceasing withdrawals due to “volatile market conditions and the resulting financial difficulties of key business partners.”
As of March, Zipmex accounted for almost one-quarter of the total revenue of the Thai digital asset market, which was made up of 1.7 million traders.
See also: A who’s who of projects facing frostbite in the crypto winter (Updated)
Editing by Samreen Ahmad and Arpit Nayak
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