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SEC instructs Zipmex to act in the clients’ best interest in its petition for business rehabilitation filed with the Central Bankruptcy Court



Thursday 12 October 2023 | No. 183 / 2023


Bangkok, 12 October 2023 – Zipmex Co., Ltd. (Zipmex) today has filed a business rehabilitation petition with the Central Bankruptcy Court in preparation for capital injections from new investment partners and confirmed that such proceedings would not affect clients as they would still be able to withdraw assets as usual.

The SEC, having been informed of the progress of the company’s plan for fund raising with the new investors in which a business rehabilitation petition must be filed with the Court, has instructed Zipmex to act in the best interest of its clients and in readiness for facilitating their asset withdrawal transactions. In this connection, to keep Zipmex’s investors updated and accurately informed about material information in line with the requirements under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (the Digital Asset Decree) and related regulations, Zipmex had to provide investor-related clarifications and information through the company’s communication channels. 

On 10 October 2023, the SEC had the clients’ assets deposited with Zipmex inspected to ensure the company’s readiness for execution of transactions as per client’s orders and provided an SEC Hotline 1207 press 8 for Zipmex-related information and complaints in particular, to assist those affected investors.

Once the Court accepts Zipmex’s business rehabilitation petition, the company will enter a moratorium or an “Automatic Stay” period, during which clients can still withdraw their assets as desired and Zipmex will still be an entity under the SEC supervision with the duties to comply with the Digital Asset Decree and related regulations. If any contraventions are found, the SEC can take enforcement actions against the company, using the currently applicable procedures.   

Zipmex clients are advised to follow Zipmex business rehabilitation procedures closely to protect the rights involved.

_______________________





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No. 183 / 2023 Thursday 12 October 2023
SEC instructs Zipmex to act in the clients’ best interest in its petition for business rehabilitation filed with the Central Bankruptcy Court

Bangkok, 12 October 2023 – Zipmex Co., Ltd. (Zipmex) today has filed a business rehabilitation petition with the Central Bankruptcy Court in preparation for capital injections from new investment partners and confirmed that such proceedings would not affect clients as they would still be able to withdraw assets as usual.

The SEC, having been informed of the progress of the company’s plan for fund raising with the new investors in which a business rehabilitation petition must be filed with the Court, has instructed Zipmex to act in the best interest of its clients and in readiness for facilitating their asset withdrawal transactions. In this connection, to keep Zipmex’s investors updated and accurately informed about material information in line with the requirements under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (the Digital Asset Decree) and related regulations, Zipmex had to provide investor-related clarifications and information through the company’s communication channels. 

On 10 October 2023, the SEC had the clients’ assets deposited with Zipmex inspected to ensure the company’s readiness for execution of transactions as per client’s orders and provided an SEC Hotline 1207 press 8 for Zipmex-related information and complaints in particular, to assist those affected investors.

Once the Court accepts Zipmex’s business rehabilitation petition, the company will enter a moratorium or an “Automatic Stay” period, during which clients can still withdraw their assets as desired and Zipmex will still be an entity under the SEC supervision with the duties to comply with the Digital Asset Decree and related regulations. If any contraventions are found, the SEC can take enforcement actions against the company, using the currently applicable procedures.   

Zipmex clients are advised to follow Zipmex business rehabilitation procedures closely to protect the rights involved.

_______________________