Zipmex, a cryptocurrency exchange, has decided to immediately halt all digital asset trading activities in Thailand to ensure compliance with regulatory standards. In a statement released on November 25, Zipmex clarified that this move was made to align with the regulatory requirements imposed by Thailand's Securities and Exchange Commission (SEC). The suspension of trading and deposits of various assets began on November 25, 2023, at 1:00 p.m., marking a temporary cessation of Zipmex's operations in line with the SEC's standards.
The statement stressed the need for customers to directly contact the exchange should they wish to withdraw their funds or assets. As of January 31, 2024, Zipmex plans to suspend website and mobile app withdrawals, and customers will need to engage customer support for withdrawal requests, as noted in the statement.
Zipmex has encountered several challenges in recent times. On April 18, there were reports indicating that the exchange delayed customer payments while it aimed to optimize customer returns. Due to liquidity issues, Zipmex requested an extension for a prolonged suspension of its debt in Singapore.
The exchange faced scrutiny from the Thai SEC earlier in January. A new investigation was launched on January 10 regarding Zipmex's alleged violation of local regulations. The SEC demanded Zipmex to admit or deny its operation as a digital asset fund management company without a license, setting a deadline for response. The investigation into the exchange has been ongoing since then.
Back in September 2022, the Thai SEC filed a report with local authorities, accusing Zipmex and its co-founder Akalarp Yimwilai of non-compliance with local laws. Among the issues raised, the SEC highlighted Zipmex's failure to provide necessary information regarding digital wallets and cryptocurrency transactions, as mandated by Thailand's Digital Assets Act.
