Crypto exchange Zipmex suspends trading activity in Thailand – Cointelegraph

Cryptocurrency exchange Zipmex has announced that it will take immediate action to suspend all digital asset trading in Thailand as part of regulatory compliance.

according to statement In a statement issued on November 25, Zipmex has chosen to temporarily suspend operations to comply with the regulatory requirements of the Securities and Exchange Commission of Thailand (SEC).

“To ensure that the business operations of Zipmex Company Limited (the “Company”) are appropriate and comply with the standards set by the Securities and Exchange Commission of Thailand (SEC), the company will It is necessary to temporarily suspend trading and deposits of certain types of assets. , 2023, after 1 p.m.

The statement further emphasized that if customers wish to withdraw funds or assets after the year-end, they must contact the exchange directly.

“After January 31, 2024, if we suspend withdrawals from our website and mobile applications, customers will need to contact customer support regarding withdrawals,” the statement said.

This follows a series of recently reported challenges to Zipmex.

On April 18, Cointelegraph reported that Zipmex was experiencing delays in payments to customers in an attempt to “maximize returns to customers.”

Related: Thai SEC approves 4 crypto companies despite Zipmex woes

The exchange requested a further extension to allow for a longer moratorium on its Singapore debt due to the company’s liquidity problems.

Meanwhile, on January 10, Zipmex became the focus of a new investigation by the Securities and Exchange Commission of Thailand (SEC) for new violations of local regulations.

On January 11, Zipmex reportedly had one day to admit or deny to the SEC whether it was acting as a digital asset fund manager without authorization.

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

In September 2022, the SEC filed a report with local police stating that ZipMex and its co-founder Akalap Imwirai were not complying with local laws.

Additionally, the SEC explained that Zipmex does not provide information about digital wallets or cryptocurrency transactions in compliance with the country’s digital asset law.

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