Wednesday, October 5, 2022

Thailand SEC Opens Virtual Call Centre for Zipmex Investors

The Securities and Exchange Commission (SEC) of Thailand has launched a virtual hotline that receives complaints from investors of Zipmex. According to the announcement, the new development will ensure that the grievances of investors on the crypto platform are duly attended to by the local regulator.

The Thai SEC noted that it had requested the crypto firm to ensure the provision of an efficient communication system that will attend to the needs and grievances of its customers. The statement did not say whether Zipmex complied to this request or not.

Zipmex, the Thai based cryptocurrency exchange platform, halted withdrawals on its network last week. The firm chose that option as a result of the prolonged crypto winter and financial challenges that its business partners were facing.

However, it is unclear whether Zipmex will follow suit in a trend that has been peculiar to some crypto firms as of recent. These cryptocurrency firms, after announcing a turbulent experience, making some halt withdrawals inevitable, have often filed for bankruptcy or faced liquidation, finding it difficult to continue business operations.

Crypto firms like Voyager Digital, Celsius, Three Arrows Capital (3AC) amongst others, who have now either filed for bankruptcy, faced liquidation or closed down business, had earlier announced their business ordeal to the public.

While this situation is true for some crypto firms, others, however, continue to withstand the storms facing the digital assets ecosystem. 

Binance and Skybridge Capital, amongst many others, have remained in business, despite also being major players amidst these unfavorable market experiences. They seem to be getting a hold of the unfavorable conditions in the crypto industry.

Whatever the future holds for Zipmex, lies in its potential to deploy judicious care in recovering its losses and protecting the investments of its customers. Cases where this is not ensured, the crypto firm may be heading for a nosedive and business closure.

Crypto asset users and investors however seem to be the ones taking the most of the hit consistently in these trying times. Several millions of dollars have been lost by investors and hopes shattered as well.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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