Zipmex requests meetings with Thai regulators to discuss ‘recovery plan’

cointelegraph.com:

Asian crypto exchange Zipmex has requested meetings with Thailand's Securities Exchange Commission (SEC) and other regulators to discuss the firm’s “recovery plan.”

In a statement on Aug. 25, Zipmex said it had submitted a letter requesting meetings with the securities regulator, which will also be attended by the firm’s potential investors.

Though the company was tight-lipped on who the investors may be, Zipmex noted that it was in “advanced stages” of discussion with two investors after signing three memorandums of understanding (MOUs) over the last month.

The funding round was initially reported in June, suggesting the potential capital injection was not tied to the company's more recent financial woes.

“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia," said Zipmex. 

Despite the lack of names at this stage, the funding round is reportedly expected to be worth $40 million at a valuation of $400 million. Notably Coinbase has already made an undisclosed strategic investment into Zipmex during Q1.

The requested discussions with the SEC come one month after the regulator launched a hotline for investors impacted by the withdrawal suspensions to report their complaints on the matter.

On Aug. 15, Cointelegraph reported that the company had scored more than three-months of creditor protection, protecting the exchange from potential creditor lawsuits until Dec. 2, 2022 while it comes up with a restructuring plan.

With regulator eyes on Zipmex, the upcoming discussions should bear important information about how the company can proceed moving forward. Zipmex stated that it will soon provide further