- Until January 31, 2024, the exchange guarantees that withdrawals will proceed as normal.
- Zipmex’s losses from its partnerships made it impossible to pay back its debts.
Zipmex Thailand, has announced a complete shutdown of operations effective immediately. This quick action is in response to requirements imposed by the SEC of Thailand. The exchange informed its customers of the change via a Facebook post, stressing the need of maintaining compliance with applicable regulations.
Notably, Zipmex Thailand has also halted new deposits. However, until January 31, 2024, the exchange guarantees that withdrawals will proceed as normal. To request a withdrawal of money after this date, users need to contact customer service directly. The purpose of this policy is to provide a reliable method for dealing with customers’ assets during this time of change.
Struggle Continues
The message further emphasized that after December 31, consumers must make withdrawal arrangements with the exchange directly.
The exchange stated:
“To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand, the company is required to temporarily suspend the trading and depositing of all types of assets, effective from November 25, 2023, at 1:00 PM onwards.”
The Thailand SEC has been investigating the shaky cryptocurrency exchange Zipmex for a long time now. The exchange was examined by the governing body to ensure it is in accordance with local legislation regarding the selling of digital asset services and products.
In accordance with the nation’s Digital Assets Act, Zipmex had not disclosed information on digital wallets and cryptocurrency transactions, as per the SEC.
Zipmex’s losses from its partnerships made it impossible for the exchange to pay back its debts. The failure of V Ventures’ $100 million purchase of Zipmex earlier this year was a big setback for the exchange.
Highlighted Crypto News Today:
BitMEX Co-founder Highlights Dollar Liquidity Connection to Bitcoin’s Price
