Troubled crypto exchange platform Zipmex has requested meetings with the Thai Securities Exchange Commission (SEC) and other regulators to discuss the firm’s “recovery plan”.
“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies,” said the firm.
The meeting will also be attended by the firm’s potential investors, whose identities are yet unknown.
Zipmex has signed three memorandums of understanding (MOUs) over the last month and it is in the “advanced stages” of discussion with two investors.
Zipmex said, “The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia.”
The funding round is reportedly expected to be worth around $40 million, valuing the company at $400 million. The company said it will provide further clarification on the matter in the middle of September.
Currently, Zipmex has acquired a moratorium extension until December 2 by the Singapore High Court to resolve its liquidity issues.
The firm recently re-enabled wallet transfers for its native token ZMT between its Z Wallets and Trade Wallets. This feature is only available via its website as of yet.