Thai SEC Cancels Zipmex's License, Australia Bans Crypto in Online Gambling, Bitcoin Hits Weekly Low
Summary:
Thailand's SEC has invalidated Zipmex's crypto exchange license due to its failure to adhere to regulatory orders. Concurrently, Australia has initiated a ban on the use of cryptocurrencies and credit cards for online gambling. Meanwhile, Bitcoin's value recorded a week's low, registering the first net outflow in over 19 trading days of US Bitcoin Exchange-Traded Funds.
Thailand's financial regulator, the Securities and Exchange Commission (SEC), has voided Zipmex's crypto exchange permit due to non-compliance with regulatory norms. Concurrently, a ban on the usage of digital currencies and credit cards for online gambling is being initiated in Australia. Bitcoin's value also took a dip, reaching its lowest point in a week, on the back of United States Bitcoin Exchange-Traded Funds (ETF) breaking their inflow streak after nearly a month.
Cryptocurrency trading platform Zipmex's operating accreditation has been cancelled by Thailand's SEC following stringent regulatory examination. A statement released by the SEC on June 11 revealed that Zipmex had lost authorization to function as a crypto exchange and broker within the country. This mandate was activated on May 28. Earlier in February, Zipmex was instructed to put a halt to its domestic services due to systemic shortcomings. By late May, the finance ministry found the exchange still disregarding these instructions.
Assets are required to be refunded to Zipmex clients by the exchange or cater to the demands of the clients. Unclaimed assets should be placed in a safe, trusted system by Zipmex and the SEC must be promptly updated about this process.
In an initiative to safeguard its citizens from financial mishaps, the Australian government has prohibited the usage of crypto and credit cards for online gambling. A report by The Canberra Times on June 11 stated that Australia has sanctioned a ban on digital currencies and credit card usage for online gaming platforms. Non-abiding companies can be hit with fines amounting to nearly 234,750 Australian dollars (equivalent to $155,000). Credit cards connected to digital wallets and new forms of credit are covered by these regulations.
Adding to the constraints, Bitcoin's value took a plunge, hitting a week's low after U.S. spot Bitcoin ETFs witnessed their first net outflow in more than 19 consecutive trading days. Bitcoin's price dropped 2.3% in the span of the last 24 hours and plunged to $68,186 around 3:00 am UTC on June 11, the lowest since June 3. This happened after 11 U.S. spot Bitcoin ETFs collectively observed a net outflow of $64.9 million on June 10, marking their first instance of net outflow in a month.
Gratings by Geraint Price, Sam Bourgi and Felix Ng.
Published At
6/11/2024 8:50:31 PM
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