The cryptocurrency market continues to experience new developments regarding regulatory measures. In line with this, Zipmex crypto exchange announced that it has temporarily suspended all crypto asset services in Thailand and taken action to comply with regulations. The exchange’s decision has sparked much debate.
In a statement made on November 25th, Zipmex officials stated that they have temporarily suspended their operations in order to comply with legal regulations in accordance with the decisions of Thailand’s regulatory authority, the Securities and Exchange Commission. The company expressed that as of November 25th, 2023, all asset purchases, sales, and deposits have been temporarily suspended.
The statement mentioned that after 2023, users of the exchange will need to directly contact the exchange if they wish to withdraw money or crypto assets. It was announced that as of January 31st, 2024, the company will cease withdrawal transactions through its website and mobile application, and customers will need to contact the Customer Support hotline for withdrawal transactions.
This move comes after a series of legal processes involving Zipmex in the past. On April 18th, the delay in payments and the move to provide maximum returns to users drew public attention. On January 10th, Zipmex became the subject of a new investigation by the Securities and Exchange Commission of Thailand due to violations of newly implemented legal rules in the country.
In September 2022, Thai authorities alleged that Zipmex and its co-founder Akalarp Yimwilai had violated the country’s laws, presenting a local police report. The regulatory authority also stated that Zipmex had failed to report on crypto wallets and crypto transactions in accordance with the country’s Crypto Asset Act. Investigations regarding the exchange are ongoing.