Connect with us

Hi, what are you looking for?


Thailand’s SEC Orders Zipmex to Suspend Trading and Brokerage Services

Thailand’s Securities and Exchange Commission instructed cryptocurrency exchange Zipmex to temporarily suspend its digital asset trading and brokerage services beginning February 2.

In a February 1 announcement, the SEC said that Zipmex has been given a 15-day period to fix its financial position and address operational deficiencies.

Zipmex Suspension Ends Upon Fulfillment of Requirements

The SEC had previously directed Zipmex to revise its liquid capital maintenance and management structure on January 12. As of Thursday, however, the SEC was dissatisfied with Zipmex’s compliance with these requirements.

Ah, another temporary suspension of services! Because who needs stable financial markets anyway? #Thailand #Zipmex

— MichealDew (@ecmiakcat) February 2, 2024

Once Zipmex fulfills the requirements set by the regulator, the crypto exchange will be permitted to resume normal operations, the SEC noted. During the suspension of service, Zipmex must also provide customers with the ability to withdraw assets at any time.

“According to the process specified by law. If the digital asset business operator is unable to comply with the SEC’s orders […] within the specified period, the SEC may propose that the Minister of Finance consider revoking the order,” SEC Deputy Secretary General Anek Yuyuen said.

Zipmex’s Regulatory Issues

Zipmex has already discontinued trading and deposit services, and encouraged its customers to withdraw their assets, according to announcements on its website in December and January.

Zipmex has been under regulatory scrutiny from the Securities and Exchange Commission (SEC) since December 2022, following the downturn in the crypto market. The exchange was reportedly under investigation regarding an acquisition by V Ventures and allegations of operating in Thailand without regulatory approval.

In November 2023, Zipmex suspended trading, citing the move as an effort to comply with regulations. The Singapore-based exchange had filed for debt relief in 2022, allegedly owing customers $97 million.

Following this, Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar for initial claims as part of its restructuring initiatives. However, major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.

The post Thailand’s SEC Orders Zipmex to Suspend Trading and Brokerage Services appeared first on Cryptonews.

You May Also Like

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023