Effective November 25, 2023, Zipmex has temporarily halted trading services in Thailand, attributing the decision to regulatory challenges. The Thailand SEC is currently investigating Zipmex for non-compliance with local laws.
“Zipmex Thailand, a crypto exchange, has temporarily stopped trading and new deposits due to issues with Thai SEC’s rules. Users can still withdraw funds until January 31, 2024, after which they need to contact support for further withdrawal assistance.”
– 💼 Crypto exchange Zipmex has temporarily suspended trading in Thailand to ensure compliance with local regulators.
– 📅 The suspension is effective from November 25, 2023, and customers need to contact Customer Support for withdrawals after January 31, 2024.
– 🔄 This move…— BlockVoyager (@BlockVoyagerAIO) November 26, 2023
Zipmex Faces Hurdles in Thailand
The decision by Zipmex to halt its operations in Thailand stems from a series of recent challenges. The trading platform faced delays in paying users due to liquidity issues and encountered difficulties with creditors, losing funds connected to cryptocurrency lenders Genesis and Babel Finance. Adding to its troubles, a potential $100 million buyout fell through early in 2023 when the buyer suspended the deal.
Zipmex came under scrutiny from the Thailand Securities & Exchange Commission on January 10 for violating local regulations. By January 11, news sources reported that the exchange had a day to admit or deny operating as an unlicensed crypto fund manager.
The Thailand Securities & Exchange Commission has been investigating Zipmex since the previous year, alleging non-compliance with local rules, including the Digital Assets Act.
Zipmex’s case highlights the challenges faced by crypto entities, with regulatory issues and financial constraints impacting both investors and exchanges. Similar uncertainties led Wallet of Satoshi to exit the United States.
In navigating this landscape, companies like Zipmex must adapt to intricate regulatory frameworks and navigate evolving market forces. These developments may have significant implications for the crypto market in Thailand.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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