Crypto Exchange Zipmex Temporarily Halts Trading in Thailand

Zipmex Takes Drastic Measures to Comply with SEC Regulations Amid Ongoing Challenges

Cryptocurrency exchange Zipmex has taken a decisive step to suspend all digital asset trading in Thailand, aligning with regulatory requirements set by the Securities and Exchange Commission (SEC) in the country. The move, as outlined in a statement issued on November 25, is aimed at ensuring the business operations of Zipmex Company Limited comply appropriately with SEC Thailand's criteria.

The statement specified that the suspension of trading and depositing of all types of assets became effective from 1:00 PM on November 25, 2023. To facilitate the process, customers were urged to contact the exchange directly for fund or asset withdrawals. Post January 31, 2024, when website and mobile application withdrawals are also suspended, customers will be required to engage with Customer Support for withdrawal requests.

This development comes against the backdrop of ongoing challenges for Zipmex. Earlier in April, Zipmex faced delays in paying customers, citing efforts to "maximize returns." The exchange sought an extension for a more extended moratorium on its debt in Singapore amid liquidity concerns.

Furthermore, on January 10, the SEC of Thailand initiated a probe into Zipmex for alleged violations of local regulations. By January 11, Zipmex was given a day to respond to the SEC regarding its potential operation as a digital asset fund manager without proper authorization. The investigation into Zipmex had been ongoing, with the SEC filing a local police report in September 2022, citing noncompliance with local laws and inadequate information on digital wallets and crypto transactions under the Digital Assets Act.

(Photo Source: Blockonome)