Zipmex Stops While Trading Digital Assets In Thailand To Comply With Regulations

JAKARTA - The Zipmex crypto exchange has announced that it will take immediate action by suspending all digital asset trading in Thailand as part of their efforts to comply with regulations.

According to a statement issued on November 25, Zipmex chose to temporarily suspend its operations in line with regulatory requirements from the Thai Securities and Exchange Authority (SEC).

"To ensure that Zipmex Company Limited ('Compand') business operations are appropriate and comply with criteria set by the Thai SEC, companies are required to temporarily halt trading and deposit all types of assets, effective from November 25, 2023, 13:00 and beyond," Zipmex said in a statement.

In addition, the statement stressed that customers must contact the exchange directly if they want to withdraw funds or assets.

"After January 31, 2024, when the company stops recall via websites and mobile apps, customers are required to contact Customer Services for withdrawal," the statement said.

The move follows a series of challenges reported by Zipmex recently. On April 18, Cointelegraph reported that Zipmex was delaying payments to customers due to efforts to "maximize profits for customers."

In addition, on January 10, Zipmex was in the spotlight of a new investigation by the Thai SEC over a violation of the new local regulations.

On January 11, Zipmex was reportedly given one day to acknowledge or deny whether they had operated as digital asset fund managers without permission.

Meanwhile, the investigation into this exchange has been going on for a long time. In September 2022, the SEC reported to local police regarding Zipmex claiming that the exchange and one of its founders, Akalarp Yimwilai, did not comply with local law.

Furthermore, the SEC explained that Zipmex did not provide information about digital wallets and crypto transactions in accordance with the country's Digital Assets Act.