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Crypto exchange Zipmex suspends trading activity in Thailand

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Cryptocurrency exchange Zipmex has announced it is taking immediate action by suspending all digital asset trading in Thailand as part of its efforts to comply with regulations.

According to a statement issued on Nov. 25, Zipmex has opted to temporarily halt its operations to align with regulatory requirements with the Securities and Exchange Commission (SEC) in Thailand:

“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.”

Additionally, the statement emphasized that customers must directly contact the exchange if they wish to withdraw funds or assets.

“After January 31, 2024, when the company suspends withdrawals through the website and mobile application, customers are required to contact Customer Support for withdrawals,” the statement noted. 

This follows a series of reported challenges for Zipmex in recent times. 

On April 18, Cointelegraph reported that Zipmex delayed paying its customers due to an attempt to “maximize returns for customers.”

Related: Thai SEC approves four crypto firms despite Zipmex woes

The exchange requested another extension to allow for a longer moratorium on its debt in Singapore amid the firm’s liquidity issues. 

Meanwhile, on Jan. 10, Zipmex was the focus of a new probe by the SEC of Thailand for a breach of new local rules.

On Jan. 11, Zipmex was reportedly given one day to admit or deny to the SEC if it had been operating as a digital asset fund manager without permission. 

Meanwhile, investigations into the exchange had been going on for some time.

In September 2022, the SEC filed a local police report on Zipmex claiming that the exchange and its co-founder Akalarp Yimwilai were noncompliant with local laws.

Furthermore, the SEC explained that Zipmex had not provided information on digital wallets and crypto transactions in compliance with the country’s Digital Assets Act.

Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal

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