Zipmex Faces Compliance Issues in Thailand
Zipmex, a Singapore-based crypto exchange, has been instructed to suspend its operations in Thailand due to inadequate business practices. The country’s Securities and Exchange Commission (SEC) found that Zipmex failed to meet the required standards for management structures and capital maintenance.
Regulatory Requirements Not Met
The SEC stated that Zipmex did not maintain the necessary net liquid capital as mandated by local financial policies. As a result, the crypto exchange has been given 15 days to address these issues and implement solutions. This includes demonstrating expertise within the company and creating a system to prevent misuse of customer deposits.
Temporary Suspension with Open Withdrawals
During this period of suspension, users will still be able to withdraw their funds from the platform. However, all other operations will be put on hold until Zipmex complies with the SEC’s requirements. This comes after previous challenges faced by the exchange, including frozen withdrawals in July 2022 and a reorganization plan met with opposition from stakeholders.
Hot Take: Zipmex Faces Setback in Thailand
Singapore-based crypto exchange Zipmex is temporarily halting its operations in Thailand after failing to meet regulatory compliance. The country’s SEC has identified issues with management structures and capital maintenance, leading to a suspension of services. While users can still withdraw their funds, all other activities will be paused until Zipmex addresses these deficiencies. This setback follows previous challenges faced by the exchange, including frozen withdrawals and opposition to its reorganization plan. Zipmex now has 15 days to implement solutions and regain permission from the SEC to resume normal business operations.
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