{"id":89141,"date":"2023-11-27T04:14:25","date_gmt":"2023-11-27T09:14:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/zipmex-thailand-suspends-crypto-trading-citing-compliance-with-the-countrys-sec-rules\/"},"modified":"2023-11-27T04:14:26","modified_gmt":"2023-11-27T09:14:26","slug":"zipmex-thailand-suspends-crypto-trading-citing-compliance-with-the-countrys-sec-rules","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89141","title":{"rendered":"Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country&#8217;s SEC Rules"},"content":{"rendered":"<div>\n<figure id=\"attachment_136573\" aria-describedby=\"caption-attachment-136573\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136573\" class=\"wp-caption-text\">Image Source: Zipmex<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Crypto exchange Zipmex Thailand has announced the immediate suspension of digital asset trading until early next year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The decision was made to ensure proper compliance with the criteria set by Thailand\u2019s Securities and Exchange Commission (SEC), the platform wrote in a Facebook post on Saturday afternoon.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cDear customers, Zipmex Limited would like to ensure the proper and compliant conduct of the company\u2019s business operations in accordance with the criteria set by Thailand\u2019s Securities and Exchange Commission (SEC),\u201d the post read.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTherefore, it is necessary for the company to temporarily suspend digital asset trading and deposit of all types, effective from Nov 25, 2023, at 1pm onwards.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, customers will still be able to withdraw Thai baht and digital assets from their Trade Wallet through the website and mobile application until January 31, 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For digital assets categorized as \u2018Trade Only,\u2019 customers must contact Customer Support for withdrawal.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">After January 31, 2024, when the company suspends the withdrawal of assets through the website and mobile application, customers will need to reach out to Customer Support for further assistance.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Withdrawal Process Could Take Up to 14 Days<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Zipmex Thailand mentioned that the withdrawal process for digital assets may take between seven to 14 days, and customers must provide supporting documents to verify their identity and account ownership.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Headquartered in Singapore and operating in Thailand, Australia, and Indonesia, the exchange currently faces penalties from Thailand\u2019s SEC.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The penalties are related to allegations of Zipmex Thailand\u2019s improper use of a digital asset custodian service and the funneling of customers to the Singapore-based exchange, Zipmex Pte, which created a conflict of interest.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, Zipmex has encountered difficulties in repaying creditors after suffering losses from exposure to crypto lenders Babel Finance and Genesis.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A planned $100 million buyout of Zipmex earlier this year fell through when the buyer, reportedly V Ventures,\u00a0<\/span><span data-preserver-spaces=\"true\">withdrew from the purchase<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">How Zipmex Collapsed?<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Last summer, the Asian crypto exchange announced that it is halting withdrawals due to volatile market conditions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The platform faced a liquidity crunch following exposure to the troubled crypto lender Babel Finance.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cDue to a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice,\u201d the exchange\u00a0<\/span><a rel=\"nofollow noopener\" class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/zipmex\/status\/1549699440302166016\" target=\"_blank\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on Twitter at the time.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In August last year, Bloomberg\u00a0<\/span><span data-preserver-spaces=\"true\">reported<\/span><span data-preserver-spaces=\"true\">\u00a0that Zipmex plans to meet with potential investors and Thailand\u2019s financial regulator to discuss a recovery plan.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">By November, the platform was in advanced discussions with venture capital fund V Ventures over the sale of a majority stake.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier this year, the Thai Securities and Exchange Commission said it was investigating whether Zipmex breached local rules in its offer of certain digital-asset products.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/zipmex-thailand-suspends-crypto-trading-citing-compliance-with-the-countrys-sec-rules.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Zipmex Crypto exchange Zipmex Thailand has announced the immediate suspension of digital asset trading until early next year.\u00a0 The decision was made to ensure proper compliance with the criteria set by Thailand\u2019s Securities and Exchange Commission (SEC), the platform wrote in a Facebook post on Saturday afternoon. \u201cDear customers, Zipmex Limited would like [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-89141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country&#039;s SEC Rules | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Image Source: Zipmex Crypto exchange Zipmex Thailand has announced the immediate suspension of digital asset trading until early next year.\u00a0 The decision\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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