In order to ensure that it complies with local regulations, cryptocurrency exchange Zipmex has announced that it has suspended trading in Thailand. In an effort to comply with regulations, cryptocurrency exchange Zipmex has announced that it is taking immediate action and suspending all digital asset trading in Thailand.
In accordance with regulatory requirements set forth by the Securities and Exchange Commission (SEC) in Thailand, Zipmex has chosen to temporarily suspend its operations, as per a statement released on November 25:
“To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand, the company is required to temporarily suspend the trading and depositing of all types of assets, effective from November 25, 2023, at 1:00 PM onwards.”
The statement also stressed that customers must get in touch with the exchange directly if they want to withdraw money or assets after the year-end.
The statement said, “Customers are required to contact Customer Support for withdrawals after January 31, 2024, when the company suspends withdrawals through the website and mobile application.” This comes after several recent reports of difficulties for Zipmex.
According to a report on April 18, Zipmex’s attempt to “maximise returns for customers” resulted in a delay in customer payments. In light of the company’s liquidity problems, the exchange asked for an additional extension that would permit a longer moratorium on its debt in Singapore. On January 10, however, the Securities and Exchange Commission (SEC) of Thailand launched a fresh investigation into Zipmex for allegedly breaking new regional regulations.
According to reports, Zipmex was only given one day to inform the SEC on January 11th whether or not it had been acting as a digital asset fund manager without authorization. Investigations into the exchange had been ongoing for some time in the meantime.