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Thai SEC launches online complaint form for Zipmex users affected by withdrawal suspension

Thailand’s Securities and Exchange Commission (SEC) has launched an online complaint form for users of Zipmex that have been affected by the digital assets exchange platform suspending all baht and digital currency withdrawals.

According to the regulator, the form will be more convenient for users and will help them gather more factual information “clearly and accurately.” The form also assures users that their information will be private and used only for the investigation.

“The Securities and Exchange Commission (“SEC”) takes into account the importance of information and respects your privacy rights… Your personal information for the purposes of any operations in accordance with the mission of the Office to comply with the law only,” the SEC said.

The form is a follow-up of a request the commission sent to Zipmex last week, asking it to clarify the events that led to the suspension of withdrawals. The SEC also directed the exchange to provide details and proof of customer assets under custody, as well as assets invested in various platforms, including Celsius and Babel Finance, on behalf of customers.

Zipmex announced via its social media handles last week that it was pausing withdrawals due to circumstances beyond its control that had made some of its key partners run into financial troubles. It has since resumed withdrawals for users of its Trade Wallet, while withdrawals are still on pause for users of its Z Wallet.

The exchange has enjoyed a strong presence in Thailand and other Asia Pacific countries, including Singapore and Indonesia. It also has a presence in Australia and markets itself as Asia’s biggest exchange.

Zipmex completed a series B funding round earlier this year, placing its valuation at about $400 million. Coinbase (NASDAQ: COIN) was interested in acquiring the exchange for a time, but only ended up making an undisclosed amount of strategic investment.

Thailand focused on safe adoption of digital assets

Regulators in Thailand have often expressed a desire to encourage investments in digital assets while ensuring that investors are protected. In keeping with this, the government of Thailand has been taking steps to push the funnel majority of digital assets transactions to government-registered exchanges.

Last month, the government published a decree to scrap all VAT on digital assets transactions conducted on registered exchanges until 2024. Meanwhile, Thailand still bans the use of digital currencies as a method of payment but recognizes them as an investment vehicle.

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