Thai SEC Asks Zipmex to Clarify Withdrawal Freeze

The Thai Securities and Exchange Commission (SEC) has asked clarification from cryptocurrency exchange Zipmex’s decision to freeze withdrawals, according to a release on the regulator’s website on Thursday.

The Thai SEC sent a letter to Zipmex seeking clarity on the amount of customer assets under management and details of how deposited funds were used in relation to the ZipUp program.

On Wednesday, Zipmex froze withdrawals after citing «volatile market conditions» and financial difficulties of «key business partners.»

The regulator also enquired whether Zipmex has used lending platforms Celsius and Babel Finance.

Earlier on Thursday, Zipmex announced on Twitter that it would be restarting withdrawals for its Trade Wallets, although ZipUp accounts will remain disabled until further notice.

Several crypto platforms have also frozen withdrawals since the market downturn in June including Celsius, Babel Finance and Voyager Digital. Celsius and Voyager have since filed for bankruptcy.

Zipmex did not immediately respond to CoinDesk’s request for comment.

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