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Crypto Exchange Zipmex Temporarily Halts Services for Thai Users

Zipmex exchange recently announced that it has suspended trading services in Thailand on a temporary basis. The firm noted that the services have been halted to comply with the local regulatory requirements.

Zipmex to Follow Regulatory Requirements

Zipmex announced that it is addressing the regulatory compliance requirements by halting all cryptocurrency trading operations in the country. The firm further noted that it is also working with regulators to ensure compliance.

On this account, the officials from Zipmex noted that the trading platform will halt all its activities on a temporary basis as part of the process to incorporate regulatory compliance.

The firm further noted that it is currently working with the Securities and Exchange Commission of Thailand such that the firm is appropriate and remains in compliance with the regulatory guidelines of the regulatory agency.

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Users Can Make Direct Withdrawals

The trading platform further noted that it has halted services for all types of digital assets starting from 25 November. The statement also informed the consumers that they can make direct withdrawals from their accounts by contacting the administrators directly. After 31st January, the firm will suspend withdrawals from its website and applications.

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After the deadline, the consumers will be able to contact the customer services officials to process their withdrawals. On the other hand, Zipmex exchange is working on other projects.

On 18th April, media outlets reported that the trading platform made a payment delay to maximize returns for investors. The trading platform also filed for an extension for its Singapore debt moratorium amidst liquidity crunch. On 10th January, Thailand regulators charged the firm with breach of new trading violations.

Zipmex Faces Regulatory Breach Charges

Zimpex exchange was granted one day to report about working as virtual currency fund management services provider without getting an approval. On the other hand, the investigators noted that the firm has been under observation for some time.

SEC also filed a local police report in September 2022. Zipmex claimed that exchange trading platform and co-founder Akalarp Yimwilai remained non-compliant with local laws.

At the same time, Zipmex noted that the firm did not offer any information regarding digital wallets and crypto transactions as required by the Digital Assets Act of the country. On the other hand, the regulators from Thailand have approved four new digital currency services providers in the region.

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Thailand, which is officially known as Siam, continues to have a positive stance towards digital currency sector despite opposition from the Central Bank. The platform also filed for a debt settlement extension in Singapore and resumed withdrawals for Solana and Ripple.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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