Zimpex Aims to Meet Thai SEC to Discuss Fundraising Plans

Zimpex, a Singapore-based crypto exchange that filed for bankruptcy protection in July, is aiming to arrange a meeting with Thailand’s Securities Exchange Commission (SEC) and other governmental institutions. 

According to a news report shared by Bloomberg, during the meeting, the company aims to present a recovery plan to potential investors and government agencies, including SEC. 

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We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”

The company also notes that it has started working with representatives from KordaMentha Pte Ltd, which will assist Zipmex by providing financial advisory services during their restructuring process. 

KordaMentha Pte Ltd is an independent and trusted firm providing specialist corporate, cybersecurity, forensic, real estate, and restructuring services. 

According to crypto exchange, the most important goal when partnering up with KordaMentha is to “maximize the returns for all stakeholders, including our customers and vendor creditors”.

On the same day, Zipmex announced that it has renewed transfers between Z Wallets and Trade Wallets using its native token, ZMT. The announcement notes that these transfers are currently available only on the Zipmex website. 

When talking about this launch, Zipmex co-founder Dr. Akalarp Yimwilai notes:

By resuming the Z Wallet service and doing everything possible to resolve the aforementioned problems. I can confirm that we will continue to move forward to resume services to serve our customers effectively and fairly.

It is worth noting that Zipmex first halted its withdrawals on July 20th blaming “volatile market conditions”. Following such a decision, the SEC opened an investigation aiming to determine the damage the decision had on investors. On July 27th, the company filed for bankruptcy protection.