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Zipmex Resumes Operations, Reactivates Customer Access in Indonesia

The embattled crypto exchange says it is recovering from turbulent 2022 and focused on "building a healthy ecosystem in Indonesia."

Photo by Art Rachen / Unsplash

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Embattled Thai crypto exchange Zipmex has shared its 2023 roadmap and crypto industry outlook during a company event, according to a media release on Thursday.

Despite facing liquidity issues and halting withdrawals in July 2022 due to its exposure to failed crypto lenders Babel Finance and Celsius Network, Zipmex has since re-enabled full Z Wallet access and re-opened its crypto exchange in Indonesia.

The company is currently undergoing restructuring and in July 2022 filed for debt relief in Singapore, where it is headquartered, to protect itself from creditors. Over in Thailand, the exchange is under scrutiny of regulators, who said Zipmex could have been operating as a “digital-asset fund manager without permission.”

Related: Thailand SEC Slams Zipmex’s “Discriminatory” Actions, Issues Investor Warning

Zipmex Asia is currently being acquired for US$100 million by Thoresen Thai Agencies subsidiary V Ventures.

"Recovering from tough year"

According to Erdina Oudang, Zipmex's head of public policy in Indonesia, Zipmex Indonesia "has been successful in recovering from the tough year and has even managed to reactivate customers' access to their assets and resume operations, while still making improvements on its business and products."

"Progressing the company's recovery in all of our markets along with ensuring our customers' security will continue to be the main priorities in our roadmap," Oudang said.

Zipmex's management has been cooperating well with the regulator, the Coordinator of Lawmaking and Regulatory Services (CoFTRA), Yovian Andri P, said in remarks delivered on behalf of acting head of CoFTRA Didid Noordiatmoko.