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The cryptocurrency market continues to witness new developments regarding legal regulations. In line with this, the crypto exchange Zipmex announced that it has temporarily suspended all crypto asset services in Thailand and has taken action to comply with the regulations. This decision by the crypto exchange has sparked many discussions.
Zipmex Suspends Operations
In a statement released on November 25th, Zipmex officials announced that they have temporarily suspended their operations to comply with the legal regulations based on the decisions of Thailand’s regulatory authority, the Securities and Exchange Commission. The statement included the following remarks:
“Zipmex Company Limited is required to temporarily suspend the buying, selling, and depositing of all assets, effective from November 25, 2023, 13:00, to ensure that the crypto services comply with the criteria set by Thailand’s regulatory authority.”
The statement also mentioned that after 2023, users of the exchange who wish to withdraw money or crypto assets should directly contact the exchange. The announcement regarding this issue stated:
“After January 31, 2024, when the company suspends withdrawal transactions through its website and mobile application, customers need to contact Customer Support for withdrawal transactions.”
Notable Allegations About Zipmex
This move comes after a series of legal processes reported for Zipmex recently. On April 18th, the delay in making payments to its users due to Zipmex’s move to maximize returns had attracted public attention.
During this process, on January 10th, Zipmex became the subject of a new investigation by the Thailand Securities and Exchange Commission due to violations of the newly implemented legal rules in the country. Following this move, on January 11th, Zipmex was given only a one-day period to inform the regulatory authority whether it operates as an unauthorized crypto asset fund manager. Investigations regarding the exchange are still ongoing.
In September 2022, Thai officials presented a local police report claiming that Zipmex and its co-founder Akalarp Yimwilai were not complying with the country’s laws. The regulatory authority also stated that Zipmex did not provide reports on crypto wallets and crypto transactions in accordance with the country’s Crypto Asset Act.
