Thai SEC Asks Zipmex to Clarify Withdrawal Freeze

The crypto exchange was asked whether it used Celsius Network or Babel Finance in connection to its ZipUp program.

AccessTimeIconJul 21, 2022 at 9:55 a.m. UTC
Updated May 11, 2023 at 5:36 p.m. UTC

The Thai Securities and Exchange Commission has asked cryptocurrency exchange Zipmex to explain its decision to freeze withdrawals, according to a release on the regulator's website on Thursday.

  • The Thai SEC sent a letter to Zipmex seeking clarity on the amount of customer assets under management and details of how deposited funds were used in relation to ZipUp. a savings account program that offered up to 10% interest on deposits.
  • On Wednesday, Zipmex froze withdrawals, citing "volatile market conditions" and financial difficulties of "key business partners."
  • The regulator also asked whether Zipmex has used lending platforms Celsius Network and Babel Finance.
  • Earlier on Thursday, Zipmex announced on Twitter that it would be restarting withdrawals for its Trade Wallets, although ZipUp accounts will remain disabled until further notice.
  • Several crypto platforms have also frozen withdrawals since the market downturn in June, including Celsius, Babel Finance and Voyager Digital. Celsius and Voyager have since filed for bankruptcy.
  • Zipmex didn't immediately respond to a request for comment.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.