Cryptocurrency Exchange Zipmex Suspends Trading in Thailand to Comply with Regulations
Cryptocurrency exchange Zipmex has announced that it is temporarily suspending all digital asset trading in Thailand in order to comply with regulatory requirements set by the Securities and Exchange Commission (SEC).
“To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand, the company is required to temporarily suspend the trading and depositing of all types of assets, effective from November 25, 2023, at 1:00 PM onwards.”
Customers who wish to withdraw funds or assets after January 31, 2024, when the company suspends withdrawals through their website and mobile application, will need to contact Customer Support directly.
Challenges for Zipmex
This decision comes after Zipmex has faced a series of challenges in recent times.
Hot Take: Zipmex Takes Proactive Steps to Comply with Regulatory Requirements
Zipmex’s move to suspend trading in Thailand demonstrates its commitment to adhering to regulatory standards. By taking immediate action and temporarily halting operations, the cryptocurrency exchange aims to ensure that its business practices align with the criteria set by the SEC. This proactive approach not only helps maintain compliance but also fosters trust among customers. While facing challenges, Zipmex prioritizes transparency and customer support by providing clear instructions for fund withdrawals. Such measures contribute to building a more robust and regulated cryptocurrency market.
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