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Thai Authorities Order Zipmex To Halt Operations – Details

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The Thai Securities and Exchange Commission (SEC) has ordered Zipmex to temporarily cease its operations as a digital asset trading and brokerage platform. This directive comes as the market regulator is demanding that the embattled cryptocurrency exchange make some changes to its management structure as well as improve its financial position.

Zipmex Faces 15-Day Countdown To Implement Regulatory Compliance

In a statement on February 2, the SEC announced its temporary ban on Zipmex’s operations due to non-compliance with its regulatory standard. The securities watchdog stated that it had previously issued an order to the exchange on January 12, demanding it adjust the maintenance of its net liquid capital and modify its business administration structure and personnel in order to promote efficiency and safeguard customers’ interests.

However, in a committee meeting on February 1, the SEC concluded that Zipmex was yet to comply with the set regulatory directives. Thus, they are ordering the trading platform to suspend its operations effective from February 2. Furthermore, within 15 days of the active ban, Zipmex is mandated to implement the SEC’s orders on its financial operation and alleged operational deficiencies.

In addition, the crypto trading company is also required to design a working system that will protect investors’ deposited assets against any form of exploitation. After this set period, Zipmex is expected to submit a report on these implementations to the SEC, approval of which will lead to the exchange’s resumption of operation.

Zipmex To Finally Shut Down?

Following the announcement of the SEC’s latest directive, Zipmex is yet to release an official statement or response. It is worth noting that the trading platform had been under regulatory scrutiny for over a year after filing for moratorium relief in 2022 in regard to a $97 million debt it owed customers.

In November 2023, Zipmex

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Author: Semilore Faleti

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