April 19, 2024
Thai SEC Halts Zipmex Services Temporarily
Latest Cryptocurrency News

Thai SEC Halts Zipmex Services Temporarily

Thailand’s Securities and Exchange Commission (SEC) has taken regulatory action against cryptocurrency exchange Zipmex, ordering a temporary suspension of its digital asset trading and brokerage services. The SEC’s directive mandates that Zipmex rectify identified financial and operational deficiencies within a 15-day timeframe, as previously outlined by the financial regulator.

The resumption of normal operations for the crypto exchange is contingent upon satisfying the regulator’s requirements. If Zipmex fails to comply within the specified period, the SEC reserves the right to propose to the Minister of Finance the consideration of revoking the regulatory order, as stated by SEC Deputy Secretary General Anek Yuyuen.

Zipmex has been under regulatory scrutiny in Thailand since 2023, with investigations initiated following the downturn in the cryptocurrency market. The exchange faced scrutiny over an acquisition by V Ventures and allegations of operating within Thailand without proper regulatory approval. In response to regulatory pressures, Zipmex temporarily suspended trading in November 2023, positioning the move as a proactive step toward regulatory compliance.

It is worth noting that the Singapore-based exchange filed for debt relief in 2022, revealing a reported debt of $97 million owed to customers. As of November 2023, Zipmex expressed its willingness to offer creditors 3.35 cents per dollar for initial claims, emphasizing its commitment to a restructuring process.

Image by natanaelginting on Freepik

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