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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.
Updated May 11, 2023, 5:36 p.m. Published Jul 21, 2022, 9:55 a.m.
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.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Cascade Unveils 24/7 Neo-Brokerage Offering Perpetuals on Cryptos, U.S. Stocks
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