Zipmex is taking this step to ensure that company complies with the rules and regulations imposed by the Thai Securities and Exchange Commission (SEC).
A major cryptocurrency exchange, Zipmex, has lately moved swiftly to meet Thai regulatory standards. All digital asset trading in the nation has been suspended, according to an official statement made on November 25 by the exchange.
Zipmex is taking this step to ensure that company complies with the rules and regulations imposed by the Thai Securities and Exchange Commission (SEC).
“Effective November 25, 2023, at 1:00 PM onwards, the trading and depositing of all types of assets must be temporarily suspended by Zipmex Company Limited (‘Company’) to guarantee that its business operations are suitable and in accordance with the standards set by the SEC Thailand,” read the statement from Zipmex.
It went on to say that clients should get in touch with the exchange immediately if they want to withdraw any money or assets.
The message also made sure users knew when they had to contact Customer Support in order to make a withdrawal: “After January 31, 2024, when the company suspends withdrawals through the website and mobile application.”
Customers will be able to access their assets without any problems throughout this transition thanks to our preemptive strategy.
The decision to halt operations is the latest in a string of setbacks that Zipmex has encountered recently. The exchange was in the news in April for delaying client payments in an attempt to increase profits.
Additionally, owing to liquidity concerns, Zipmex requested an extension to prolong the moratorium on its debt in Singapore.
Zipmex was given a one-day ultimatum by the SEC to announce if they were acting illegally as a manager of digital asset funds or deny it.
Zipmex and its co-founder, Akalarp Yimwilai, were accused of failing to comply with local regulations in a police complaint filed by the SEC in September 2022, which began an ongoing investigation.
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