The Securities and Exchange Commission of Thailand said Monday that it is working with law enforcement in order to investigate potential losses among the public following the temporary suspension of withdrawals by crypto exchange Zipmex last week.
In a statement, the SEC stated that it wanted Zipmex users affected to provide information via an online forum about how they were affected by the platform’s problems.
Last Wednesday, withdrawals were suspended by the Southeast Asia-focused crypto currency exchange. It operates in Thailand and Indonesia, Singapore, and Australia.
The withdrawals were resumed the same evening in Thailand, and later in other countries. However, transfers from one investment product were not allowed. Later, the company stated that it had exposure to $53 million in crypto lenders Babel Finance and Celsius.
Babel Finance and Celsius are two of the many crypto players who have been in trouble over recent months.
Zipmex spokeswoman said that the company was in full compliance with SEC requests, and had been speaking to government agencies.
This announcement comes at a time when crypto trading in Thailand slows down. After Thai lender SCBX Pcl stated that it would extend the due diligence period for its $537million acquisition of Thai crypto-exchange, Butkub, said .
Zipmex is the latest cryptocurrency firm facing difficulties after a sharp sell-off in markets that began in May with the collapse two paired tokens, Luna USD and TerraUSD.
The SEC website reveals that Zipmex has a license to digital asset broker and an exchange for digital assets. The company stated in a Facebook posting that it was looking into a deal with “interested parties”.