Thailand Financial News

In a document dated Wednesday, July 27, Thai cryptocurrency exchange Zipmex said that its solicitors in Singapore, Morgan Lewis Stamford LLC, filed five moratorium applications, or legal authorization to debtors to postpone payment, under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of the company. Zipmex seeks to protect itself against third party actions, claims, and proceedings for a period of six months while the filing is active. The announcement came just one week after its CEO and co-founder Marcus Lim publicly denied the firm was facing financial troubles. Rumors have been circulating in the past month that the cryptocurrency exchange was insolvent after a proposed acquisition by Coinbase fell through. 

In the aftermath of the Thai cryptocurrency exchange Zipmex stopping withdrawals last week, local financial regulators are stepping in to look into potential losses by investors.

Thailand probing potential losses for users of crypto platform Zipmex

Southeast Asia crypto exchange Zipmex to resume withdrawals

Zipmex, a cryptocurrency exchange that operates in markets like Singapore and Thailand, said on Sunday it was considering a possible offer after talks with interested parties and due diligence should commence.

The previous $19,000 Bitcoin (BTC) support level becomes more distant after the 22.5% gain in nine days. However, little optimism has been instilled as the impact of the Three Arrows Capital (3AC), Voyager, Babel Finance, and Celsius crises remain uncertain. Moreover, the contagion has claimed yet another victim after Thai crypto exchange Zipmex halted withdrawals on July 20.

Zipmex said it would write off its $5 million exposure to Celsius.

Thailand's crypto regulation is under scrutiny as the government plans to amend digital asset rules.

The South Korean government has reportedly postponed the 20% tax crypto gains by two years. The controversial 20% tax on crypto gains was supposed to come into effect from January 1, 2023, but now has been deferred to 2025.

Thailand’s oldest bank is unable to acquire the country’s largest local cryptocurrency exchange due to stringent crypto regulations.

Southeast Asia-focused cryptocurrency exchange Zipmex has suspended withdrawals, the company said in a tweet on Wednesday night, with an executive of its Thai affiliate citing liquidity difficulties at crypto lenders Babel Finance and Celsius.

[content][quote]Market Buzz[/quote][title]Bitcoin, Ethereum fall up to 5%[/title][circularimage]

Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a "combination of circumstances" beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed as “rumors” by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase.

Crypto exchange Binance has signed a memorandum of understanding (MoU) with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement.

Say goodbye to Turkey and hello to Türkiye.

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Thailand based metaverse startup Translucia Global Innovation has partnered with the Australian software development firm Two Bulls and set aside an initial budget of $100 million to build a Metaverse Research and Development Center (MRDC) in Melbourne.

A former senior manager at crypto exchange Huobi has been accused of illicit trading, according to a report from the Financial Times.

The 2.8-million nation of Qatar is going to join a growing range of countries, experimenting with the central bank digital currency (CBDC) concept. The Qatar Central Bank (QCB) is currently “in the foundation stage” of issuing its digital currency. 

The Conservative Party received a £500,000 donation from a British crypto investor two months before the government pledged to make the UK “the very best place in the world” to build crypto businesses.

Major cryptocurrency trading platform Huobi continues expanding its global presence by securing new licenses in New Zealand and the United Arab Emirates.