Zipmex, the Asian cryptocurrency exchange, has asked for meetings with Thailand’s Securities Exchange Commission (SEC) to discuss its “recovery plan,” the company announced on Thursday.
The crypto exchange is seeking to arrange meetings with the regulator and potential investors before it seals a funding deal. It hopes to disclose its recovery plans to Thailand’s SEC and other government agencies.
In a statement, Zipmex said:
“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.”
While Zipmex, who operates across various countries in the Asia Pacific region, did not mention who the investors may be, it stated that after signing three memorandums of understanding (MOUs) over the last month, it was in “advanced stages” of discussion with two investors.
“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,”
Despite reported financial issues for the company, the exchange is expected to raise around $40 million at a calculation of $400 million.
Zipmex’s issues are a result of its exposure to Babel Finance, a cryptocurrency lending firm that is now under liquidation. As a result, Zipmex suspended withdrawals on its platform in July but is now gradually restoring withdrawals for a select number of assets.
According to reports, the crypto exchange had previously attracted interest from Coinbase regarding a potential takeover. However, it was said that the company decided against a full acquisition and made a strategic investment instead.