Zipmex Exchange Suspends Digital Asset Trading Activities in Thailand
Zipmex Exchange has decided to temporarily suspend all digital asset trading activities in Thailand until Jan. 31, 2024. This decision was made to comply with the regulations set by the Securities and Exchange Commission (SEC) of Thailand. The suspension is aimed at ensuring compliance with regulatory requirements and addressing challenges faced by Zipmex, including delays in customer payments, liquidity issues, and ongoing investigations by the SEC. Customers can still withdraw Thai baht and digital assets from their trade Wallet until Jan. 31, 2024, although certain digital assets require contacting Customer Support for withdrawal.
Investigations and Challenges Faced by Zipmex
In September 2022, the SEC filed a police report against Zipmex for noncompliance with local laws and operating without permission. Ongoing investigations have revealed that Zipmex failed to provide information on digital wallets and crypto transactions as required by Thailand’s Digital Assets Act. Despite these challenges, the Thai SEC recently approved four other crypto firms for operations in Thailand, increasing competition among exchanges.
Enhancing Investor Protection in Thailand
Thailand has implemented reforms to regulate cryptocurrency exchanges and enhance investor protection. The Emergency Decree on Digital Asset Businesses classifies digital assets into categories and imposes strict regulations on individuals, businesses, and exchanges operating within the country. Licensed exchanges must adhere to anti-money laundering and know-your-customer regulations. These reforms aim to prevent illicit activities such as money laundering and terrorism financing.
Regulatory Reforms in the U.S.
The U.S. Securities and Exchange Commission (SEC) has also pursued regulatory reforms to protect investors. Amendments have been made to allow internet investment advisers to register with the Commission while maintaining operational websites. The SEC has proposed enhanced regulation for private fund advisers and increased transparency in securities lending. These efforts aim to monitor risks more effectively and reform the industry.
Hot Take: SEC Reaches Settlement with Binance
The SEC recently reached a settlement of over $4 billion with Binance, the world’s largest crypto exchange, and its co-founder Changpeng Zhao. This settlement marks a significant breakthrough in the SEC’s crypto regulatory efforts.
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