Zipmex, a crypto exchange, has stopped trading in Thailand citing the need to adhere to domestic guidelines.
Zipmex stated that it is implementing instant action by halting all digital asset trading in Thailand as part of the initiative to adhere to guidelines. A statement given on November 25 reveals the exchange’s decision to momentarily cease operations to ensure compliance with the Securities and Exchange Commission’s requirements.
Zipmex Suspends Operation in Thailand
Zipmex Company Limited must momentarily halt all assets trading and depositing from November 25. This is to ensure the firm’s operations are fitting and compliant with the SEC Thailand’s criteria.
Besides, the statement stressed that due to the year-end, clients should directly get in touch with the exchange in case they intend to withdraw assets or funds. Specifically, it stated that after January 31 next year, when the firm halts withdrawals via the mobile app and website, clients must get in touch with Customer Support for withdrawals.
An April 18 report revealed that an effort to ‘maximize returns for clients’ resulted in Zipmex experiencing a delay in paying its clients. It asked for an additional extension to ensure an extended freeze on its Singapore debt amid the company’s liquidity problems.
Thai Regulators Embrace Stringent Regulation on Digital Assets
In the meantime, on January 10, the crypto exchange was at the center of a new investigation by the SEC of Thailand for contravening new domestic regulations.
On January 11, it was reportedly granted a day to acknowledge or refute to the Securities and Exchange Commission if it had been running as a digital asset fund manager without authorization. In the meantime, the exchange had been investigated for a while.
In September last year, a local police report on Zipmex was filed by the Securities and Exchange Commission, asserting that together with Akalarp Yimwilal, its cofounder, it had contravened domestic regulations. Additionally, the regulator claimed that Zipmex had failed to provide data concerning crypto transactions and digital wallets in adherence to the nation’s Digital Assets Act.
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