Within the aftermath of the Thai cryptocurrency change Zipmex stopping withdrawals final week, native monetary regulators are stepping in to look into potential losses by traders.

Thailand’s Securities and Alternate Fee (SEC) is taking motion to gather all obligatory data from traders on how they’ve been affected by points on Zipmex.

The regulator formally announced on July 25 that Zipmex clients can submit data through a web-based discussion board on the Thai SEC’s official web site.

The SEC has acquired quite a few complaints from individuals affected by Zipmex after the crypto change briefly suspended withdrawals of the Thai baht and digital property on July 20, the regulator mentioned.

“Previously, the SEC issued a letter requesting the corporate [Zipmex] to supply an environment friendly system to contact clients and deal with complaints, in addition to to take into consideration the safety of the pursuits of shoppers,” the announcement notes.

Zipmex is likely one of the main cryptocurrency exchanges formally regulated by the federal government of Thailand, alongside platforms like Upbit, Bitkub and others. The Zipmex change abruptly stopped withdrawals final week, citing a “mixture of circumstances” that had been past the corporate’s management, together with “unstable market situations.”

CoinFLEX resumes withdrawals, limiting customers to 10%

The withdrawals’ pause got here amid Bitcoin (BTC) hitting multi-week highs above $24,000. Zipmex partially resumed some operations on the platform, re-launching withdrawals from its commerce pockets after two days after disabling withdrawals. “Switch from Z Pockets, deposit and commerce will proceed to be disabled till additional discover,” the agency mentioned.