Bangkok’s Crypto Craze: Zipmex’s Withdrawal Worry & the SEC’s Quick Fix
The Securities & Exchange Commission of Thailand (SEC) blew the whistle on a crypto hiccup that’s unsettling the money-minded crowds in Bangkok and beyond. In a stroke of drama, the popular exchange Zipmex paused all withdrawals last week, leaving users scrambling to figure out if their hard‑earned pounds were safely stored or destined for a digital dumpster.
What Went Down
- Zipmex, the go‑to trading hub for people in Thailand, Indonesia, Singapore, and Australia, halted withdrawals on Wednesday.
- Withdrawals rippled back the same evening in Thailand, and soon after in the other markets, except for a particular investment product that was flagged as having a hefty exposure: about $53 million (S$73 million) in crypto lenders like Babel Finance and Celsius.
- Both Celsius and Babel Finance have shown signs of trouble lately, adding to the chaos in the crypto playground.
SEC’s Playbook
The SEC didn’t just sit on the sidelines. They fluttered in with a statement urging affected Zipmex users to share their stories through a dedicated online forum. “If the platform’s got a glitch, we want the firsthand scoop,” the commission noted. They’re pressing the exchange to restart trading in line with proper rules, giving a firm deadline of three days to get users back into the game with withdrawals and deposits.
Why It Matters
- The crypto markets in Thailand have already been in a slow‑motion slump.
- SCB X Pcl, a major lender, has stretched out the due diligence on its $537 million takeover of Thailand’s own Bitkub, hauling everything into the spotlight.
- Zipmex’s troubles echo the fallout that began in May when the twin tokens Luna and TerraUSD crashed, sending shockwaves through the entire crypto scene.
Looking Ahead
The exchange claims it holds both a digital asset exchange license and a broker licence—a double‑check that it should be playing safe. Yet, its weekend Facebook blast hinted at a possible deal with an “interested party”. Investors are keeping a wary eye on the move, tasting the brew of suspense and hope.
Bottom line? The SEC wants investors to feel secure, Zipmex is scrambling to fix the glitch, and the broader Thai crypto landscape is trying to keep calm amid the clipping of the crypto buildings. It’s a handful, but the SEC’s quick response might just help soothe the financial jitters.
