Cryptocurrency exchange Zipmex has introduced it’s taking fast motion by suspending all digital asset trading in Thailand as a part of its efforts to adjust to rules.
According to a press release issued on Nov. 25, Zipmex has opted to briefly halt its operations to align with regulatory necessities with the Securities and Exchange Commission (SEC) in Thailand:
“To ensure that the business operations of Zipmex Company Limited (“Company”) are applicable and compliant with the factors set by the SEC Thailand, the corporate is required to briefly droop the trading and depositing of all varieties of belongings, efficient from November 25, 2023, at 1:00 PM onwards.”
Additionally, the assertion emphasised that clients should instantly contact the exchange in the event that they want to withdraw funds or belongings.
“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 assertion famous.
This follows a sequence of reported challenges for Zipmex in latest occasions.
On April 18, Cointelegraph reported that Zipmex delayed paying its customers on account of an try and “maximize returns for customers.”
Related: Thai SEC approves four crypto firms despite Zipmex woes
The exchange requested one other extension to permit for an extended moratorium on its debt in Singapore amid the agency’s liquidity points.
Meanwhile, on Jan. 10, Zipmex was the main target of a brand new probe by the SEC of Thailand for a breach of new local rules.
On Jan. 11, Zipmex was reportedly given in the future to confess or deny to the SEC if it had been working as a digital asset fund supervisor with out permission.
Meanwhile, investigations into the exchange had been occurring for a while.
In September 2022, the SEC filed an area police report on Zipmex claiming that the exchange and its co-founder Akalarp Yimwilai have been noncompliant with native legal guidelines.
Furthermore, the SEC defined that Zipmex had not supplied info on digital wallets and crypto transactions in compliance with the nation’s Digital Assets Act.
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