Cryptocurrency exchange Zipmex has announced that it halted its trading activity in Thailand to ensure its compliance with local regulations. The company opted to temporarily suspend its operations to align with regulatory requirements imposed by the Securities and Exchange Commission (SEC) in Thailand.

According to officials, to ensure that the business operations of Zipmex are appropriate and compliant with the criteria set by SEC Thailand, the company is required to temporarily halt the trading and depositing of all types of assets. Furthermore, Zipmex advised customers to directly contact it if they want to withdraw funds or assets. Representatives stated that after the end of January 2024, when the company suspends all withdrawals via the website and mobile application, users need to contact customer support for withdrawals. Zipmex’s past difficulties in Thailand The suspension follows several difficulties for Zipmex, with the most recent one being in April 2023, when the company delayed paying its customers due to an attempt to increase returns for them.

At that time, Zipmex requested an additional extension that would enable a longer moratorium on its debt in Singapore amid the firm’s liquidity issues. Also, in January 2023, the company was the subject of an investigation by SEC Thailand due to a potential breach of local regulations for digital asset service providers. The Thai SEC requested Zipmex to clarify whether it was operating as a digital asset fund manager without permission in the region and, if true, the company was obliged to obtain a permit before conducting business in Thailand.

Investigations into the activity of the exchange had been going on for an extended period of time. In September 2022, the SEC filed a local police report on the company alleging that Zipmex was noncompliant with local laws. Also, the regulator stated that Zipmex did not provide information on digital wallets and crypto transactions in compliance with Thailand’s Digital Asset Act. Zipmex announced that was in the process of compiling relevant documents, with any disclosures being carried out with consideration to ensure that regulations were fully complied with and standards were observed.

Other announcements from Zipmex At the end of July 2022, Zipmex filed for bankruptcy protection in Singapore due to the late global downturn in digital currencies. The exchange’s solicitors submitted applications seeking moratoriums to prohibit legal proceedings against Zipmex for up to six months. Under Singaporean law, such a filing granted companies an automatic moratorium for 30 days, or until a Singapore Court decided on the application, whichever was earlier.

A few days prior, Zimpex announced that it suspended its withdrawals, citing a series of circumstances, including volatile market conditions and financial difficulties to justify the decision. .