Zipmex Suspends Digital Asset Operations in Thailand Complying with SEC Regulations
Summary:
Zipmex, a cryptocurrency exchange, has temporarily halted all digital asset transactions in Thailand to align with SEC regulations. Post January 2024, withdrawals can only be managed by contacting customer support directly. After facing a series of challenges, including delayed customer payments, liquidity crunches, and local regulatory investigations, Zipmex continues to comply with Thailand's regulatory requirements.
Zipmex, the crypto trading platform, has declared a temporary pause of all digital asset transactions in Thailand, as a measure of adhering to the nation's regulations. On November 25, the exchange released a statement indicating the suspension of its activities to be in compliance with the guidelines of the Securities and Exchange Commission (SEC) in Thailand. As per the declaration, the company has implemented an immediate stoppage of all asset trading and depositing from November 25, 2023, post 1:00 PM, with the aim of ensuring its business operations align with the SEC's criteria.
Moreover, Zipmex highlighted that post the end of the year, any customers wishing to withdraw funds or assets should directly reach out to the exchange. Following January 31, 2024, should a customer wish to make withdrawals after the company has ceased withdrawals via their website and mobile application, they would need to get in touch with the Customer Support.
Zipmex has been in the news for facing numerous obstacles recently. It was reported by Cointelegraph on April 18 that the exchange was experiencing delay in payments to its customers resulting from its endeavour to enhance client returns.
Around the same time, Zipmex was seeking another extension for a longer debt moratorium amid the company's cash crunch in Singapore. Earlier this year on January 10, the focus was on Zipmex as the SEC in Thailand initiated another investigation into the platform for non-adherence to the latest local regulations.
On January 11, Zipmex was allegedly given a single day to confirm or disclaim to the SEC regarding its operation without authorization as a digital asset fund manager. Also, regulatory checks into the company's affairs have been ongoing for quite some time. In September of 2022, a local police report was filed by the SEC against Zipmex stating that the exchange and co-founder, Akalarp Yimwilai, had defied local laws. According to the SEC, Zipmex failed to submit information on digital wallets and crypto trades as stipulated by the nation's Digital Assets Act.
Published At
11/26/2023 4:27:22 AM
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