In response to regulatory requirements set forth by the Securities and Exchange Commission (SEC) in Thailand, cryptocurrency exchange Zipmex has taken immediate action by suspending all digital asset trading activities in the country. This decision, as announced in a statement on Nov. 25, is part of Zipmex’s commitment to aligning with the evolving regulatory landscape.
The statement also highlighted that customers seeking to withdraw funds or assets must directly contact the exchange. Specifically, after January 31, 2024, when the company suspends withdrawals through its website and mobile application, customers are mandated to engage with Customer Support for withdrawal requests.
This move follows a series of challenges reported by Zipmex in recent times. On April 18, Cointelegraph reported a delay in customer payments, attributed to efforts to “maximize returns for customers.” Subsequently, the exchange sought an extension for a prolonged moratorium on its debt in Singapore, addressing liquidity issues.
On January 10, Zipmex became the subject of a new investigation by the SEC of Thailand for a potential breach of local regulations. The SEC issued a one-day ultimatum on January 11, demanding that Zipmex admit or deny whether it had been operating as a digital asset fund manager without permission.
Investigations into Zipmex have been ongoing, with the SEC filing a local police report in September 2022. The report claimed noncompliance with local laws and highlighted the exchange’s failure to provide information on digital wallets and crypto transactions in accordance with Thailand’s Digital Assets Act.