Court plea in Singapore 'won't affect Zipmex customers in Thailand'
Crypto-trading platform Zipmex Thailand confirmed on Friday that investors in Thailand will not be affected by the move of its headquarters to plead for moratorium relief in a Singapore court.
Zipmex had said earlier that it had submitted moratorium applications in Singapore for all Zipmex entities, including Zipmex Co Ltd (incorporated in Thailand) on July 22.
Read the full statement: https://zipmex.com/th/en/moratorium-20220727/
The Thai Securities and Exchange Commission (SEC) ordered Zipmex to explain to customers on Thursday before 5pm so they would be able to attend the case conference on Friday.
Zipmex Thailand CEO Akalarp Yimwilai explained on Thursday that the process was initiated by Zipmex Asia Pte Ltd, headquartered in Singapore, and Zipmex Pte Ltd (affiliate in Singapore).
The objective is for both companies to be able to continue their business operations and secure investment for the business group. Akalarp assured that investors will not be affected by the decision as it is a strategy to solve the current issue.
He said the process was done under Singapore law and would not affect companies in Thailand, Indonesia, and Australia.
Akalarp said that the company is willing to cooperate with the SEC, other regulators, and Zipsters (Zipmex users) to solve the current situation.
He added that the company is determined to resolve the issue and rebuild trust among customers and investors.
Akalarp had said on Sunday that it would take legal action against crypto lenders Babel Finance and Celsius Network to retrieve its customers' digital assets.
Zipmex Thailand had suspended trading for two hours last Wednesday, as a result customers were unable to withdraw coins from its ZipUp+ service, which is linked to Babel Finance and Celsius. The latter, a crypto lender, has now reportedly filed for bankruptcy in the US.