Thailand’s Zipmex in buyout talks
By Carine Lee
05:54, 25 July 2022
Thailand’s Zipmex has recently announced that it would be filing lawsuits against two troubled crypto lenders to retrieve digital assets for its customers.
The crypto exchange’s CEO Akalarp Yimwilai said it would take legal action against Babel Finance and Celsius Network, according to a news report.
BTC, BTC Cash (BCH), LTC, ETH and XRP are just some of the cryptocurrencies that are traded on Zipmex, which is touted to be Southeast Asia’s favourite crypto app with 200,000 users.
XRP to US dollar
The move came after Zipmex Thailand suspended trading for two hours last Wednesday as customers were unable to withdraw coins from its ZipUp+ service, a product of Zipmex Global, which is linked to Babel Finance and Celsius.
Akalarp said his firm disabled ZipUp+ to protect the stability of the Zipmex Thailand system.
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How it started
The crypto exchange’s CEO said the problem began when Singapore-based Babel suspended the withdrawal of coins on June 17.
Zipmex Global responded by consulting lawyers in Singapore and holding talks with Babel to retrieve assets.
However, the CEO said talks failed on Wednesday so he suspended ZipUp+ trading and informed the Thai Securities and Exchange Commission immediately.
ETH to US dollar
Zipmex Thailand has since launched a legal action against Babel and is consulting lawyers so that customers who had invested through ZipUp+ could join a class action lawsuit against the Singapore firm.
The CEO added that Zipmex Thailand would be joining Zipmex Global to sue Babel and Celsius. The crypto exchange is suing Celsius for the $5m it owes to Zipmex customers.
Celsius has reportedly filed for bankruptcy in the US.
Akalarp said Zipmex Thailand resumed trading in 28 digital coins two hours after the suspension, though some coins remain disabled.
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