Thailand probing potential losses for users of crypto platform Zipmex

After the cryptocurrency exchange Zipmex briefly stopped allowing withdrawals last week, Thailand's Securities and Exchange Commission stated on Monday that it was collaborating with law enforcement to investigate any losses among the general public.

In a statement, the SEC said it was requesting information from affected Zipmex customers on how the platform's issues had affected them through an online forum.

The cryptocurrency exchange with a focus on Southeast Asia, which runs in Thailand, Indonesia, Singapore, and Australia, stopped accepting withdrawals last Wednesday.

Except for transfers from one investment product, which the business subsequently said had exposure worth $53 million in cryptocurrency lenders, Babel Finance and Celsius, withdrawals began that evening in Thailand and thereafter in other nations.

Players in the cryptocurrency industry that have recently had issues include Celsius and Babel Finance.

In a separate statement, the SEC stated that late on Monday, the board of directors instructed Zipmex to open trading in accordance with trading regulations within three days, including enabling withdrawals and deposits.

The moves came after Thai lender SCB X Pcl said it was extending the due diligence phase for its $537 million purchase of Thai cryptocurrency exchange, Bitkub, and as cryptocurrency trading in Thailand has slowed.

The collapse of two linked currencies, Luna and TerraUSD, in May sparked a severe sell-off in markets, and Zipmex is the most recent cryptocurrency company to have problems.