Crypto Crunch: Zipmex Suspends Trading Operations In Thailand Amid Regulatory Uncertainty

Zipmex, a cryptocurrency exchange, declared they’re stopping all digital trading in Thailand. They are doing this to follow the rules ASAP.

Zipmex decided to pause its business on Nov 25, in line with certain regulations by the Securities and Exchange Commission (SEC) in Thailand. These details are from an official statement.

Zipmex Company Limited, known as the “Company,” needs to halt all trading and asset depositing starting from 1:00 PM on Nov 25, 2023. This temporary stop is necessary to meet the standards set by SEC Thailand. The goal is to make our company’s business processes suitable and within compliance.

Moreover, the statement underscores customers’ need to reach out directly to the exchange should they desire to withdraw funds or assets.

Following the suspension of website and mobile application withdrawals after Jan 31, 2024, customers are mandated to engage with Customer Support for all withdrawal requests, stated the announcement.

This comes in the wake of a sequence of reported difficulties for Zipmex in the recent past. On April 18, reports indicated that Zipmex postponed customer payments, citing an effort to ‘optimize returns for customers.’

Zipmex Ongoing Legal Odyssey: SEC Investigations, Moratorium Extensions, & Unauthorized Delays

Moreover, the exchange sought an additional extension to prolong the moratorium on its debt in Singapore, citing ongoing liquidity challenges for the company.

Meanwhile, on Jan 10, Zipmex became the subject of a fresh investigation by the SEC of Thailand regarding violating recently implemented local regulations.

On Jan 11, the SEC it granted Zipmex one day without proper authorization to acknowledge or refute allegations regarding its operation as a digital asset fund manager.

Meanwhile, ongoing investigations into the exchange had been underway for an extended duration.

In Sept 2022, the SEC it lodged a local police report against Zipmex, alleging noncompliance with local laws by the exchange and its co-founder, Akalarp Yimwilai.

Additionally, the SEC clarified that Zipmex’s had failed to furnish information on digital wallets and crypto transactions by the country’s Digital Assets Act.

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