Crypto exchange Zipmex suspends trading activity in Thailand

Cryptocurrency exchange Zipmex has announced it is taking immediate action by suspending all digital asset trading in Thailand as part of its efforts to comply with regulations.

According to a statement issued on November 25, Zipmex has opted to temporarily halt its operations to align with regulatory requirements with the Securities and Exchange Commission (SEC) in Thailand:

How To Get Free Crypto  

“To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand, the company is required to temporarily suspend the trading and depositing of all types of assets, effective from November 25, 2023, at 1:00 PM onwards.”

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

“After January 31, 2024, when the company suspends withdrawals through the website and mobile application, customers are required to contact Customer Support for withdrawals,” the statement noted. 

This follows a series of reported challenges for Zipmex in recent times. 

On April 18, Cointelegraph reported that Zipmex had a delay in paying its customers due to an attempt to “maximize returns for customers.”

Related: Thai SEC approves four crypto firms despite Zipmex woes

The exchange requested another extension that would allow for a longer moratorium on its debt in Singapore amid the firm’s liquidity issues. 

Coinbase Banner  

Meanwhile, on January 10, Zipmex was the focus of a new probe by the Securities and Exchange Commission (SEC) of Thailand for a breach of new local rules.

On January 11, Zipmex was reportedly just given one day to admit or deny to the SEC if it had been operating as a digital asset fund manager without permission. 

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

In September 2022, the SEC had filed a local police report on Zipmex claiming that the exchange and its co-founder Akalarp Yimwilai of non-compliance with local laws.

Furthermore, the SEC explained that Zipmex had not provided information on digital wallets and crypto transactions in compliance with the country’s Digital Assets Act.

FreeBitcoin Banner  

Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal

Go to Source
Author: Ciaran Lyons

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.