Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country’s SEC Rules
Crypto exchange Zipmex Thailand has announced the immediate suspension of digital asset trading until early next year.
The decision was made to ensure proper compliance with the criteria set by Thailand’s Securities and Exchange Commission (SEC), the platform wrote in a Facebook post on Saturday afternoon.
“Dear customers, Zipmex Limited would like to ensure the proper and compliant conduct of the company’s business operations in accordance with the criteria set by Thailand’s Securities and Exchange Commission (SEC),” the post read.
“Therefore, it is necessary for the company to temporarily suspend digital asset trading and deposit of all types, effective from Nov 25, 2023, at 1pm onwards.”
However, customers will still be able to withdraw Thai baht and digital assets from their Trade Wallet through the website and mobile application until January 31, 2024.
For digital assets categorized as ‘Trade Only,’ customers must contact Customer Support for withdrawal.
After January 31, 2024, when the company suspends the withdrawal of assets through the website and mobile application, customers will need to reach out to Customer Support for further assistance.
Zipmex Thailand mentioned that the withdrawal process for digital assets may take between seven to 14 days, and customers must provide supporting documents to verify their identity and account ownership.
Headquartered in Singapore and operating in Thailand, Australia, and Indonesia, the exchange currently faces penalties from Thailand’s SEC.
The penalties are related to allegations of Zipmex Thailand’s improper use of a digital asset custodian service and the funneling of customers to the Singapore-based exchange, Zipmex Pte, which created a conflict of
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