(CTN News) – On Monday, Thai investors in digital assets with Zipmex have threatened to gather in front of Thailand’s Securities and Exchange Commission (SEC), seeking answers regarding their investments.
The threat came after SEC Secretary-General Ruenvadee Suwanmongkol explained Zipmex’s problems via Facebook Live on Friday. Investors have expressed disagreement with the way the SEC has handled this issue.
The SEC was unaware that Zipmex, Thailand’s second largest cryptocurrency exchange after Bitkup, had invested in ZipUp+ with digital assets deposited by its investors until Zipmex announced the suspension of withdrawals on July 20th.
A Zipmex Global (Singapore) product, ZipUp+, offers high yields to investors who deposit digital assets, such as Bitcoin, USD Coin, Tether and Ethereum.
Zipmex was ordered by the SEC to explain its investment in ZipUp+ on July 25th, but that it has not yet received a response and has summoned its executives for a meeting.
According to Ruenvadee, the SEC has coordinated with the Department of Special Investigation, the Economic Crime Suppression Division, and the Cyber Crime Investigation Bureau regarding possible legal action against Zipmex.
According to her, the SEC will try to convince Zipmex to refund investors.
On July 25th, Zipmex announced via Facebook Live that it had signed a memorandum of understanding with interested parties. After more clarity is provided about the deal, the timeline will be released.
Akalarp Yimwilai, Zipmex’s co-founder and CEO, said Zipmex has been working hard to resolve the issue.
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