The Securities and Exchange Commission (SEC) met with the Department of Special Investigation (DSI) on Monday to discuss legal measures to protect investors facing huge risks of losses from Zipmex Thailand's suspension of asset withdrawals and transfers from ZipUp+ or Z Wallets under Zipmex Global.
The suspension was announced after Zipmex Global encountered financial difficulties stemming from its exposure to troubled crypto lenders Babel Finance and Celsius Network.
Depositors are now exposed to huge risks of losses if the company fails to retrieve money from its partners to refund customers.
SEC secretary-general Reunvadee Suwanmongkol met with Trairit Temahiwong, director-general of the DSI, Pol Maj Yuthana Praedam, deputy-general of the DSI, and Pol Capt Piya Raksakul, director of the DSI's Bureau of Special Case Management, to discuss ways to proceed in accordance with the relevant laws to protect investors from such losses.
The SEC revealed that it has received a number of complaints from people affected by the suspension and has issued a letter requesting Zipmex Thailand establish a system to receive and manage complaints from customers to ensure their rights are sufficiently protected.
The regulator has also prepared a form to directly gather information from those affected via www.sec.or.th/zipmexform.
Zipmex Thailand stated in an official announcement on its Facebook page that the company has seen a significant progress in its conversations with various interested investors to sell the company and one of the investors has offered terms in a memorandum of understanding which will lead to further due diligence processes to finalise the purchase.
The company is exploring this option and will notify the public if there are any new developments.
Akalarp Yimwilai, founder and chief executive of Zipmex Thailand, had previously revealed to the public that he and the company were negotiating with several buyers.
In case of success, he will use the proceeds to refund investors that lose their assets from the suspension of ZipUp+.