Crypto exchange Zipmax has stopped trading in Thailand

Cryptocurrency exchange Zipmax has announced that it is taking immediate action by banning all digital asset trading in Thailand in an effort to comply with regulations.

In the year In a statement issued on November 25, Zipmax has chosen to temporarily cease operations to comply with the regulatory requirements of the Securities and Exchange Commission (SEC) in Thailand.

“In order to ensure that the business operations of Zipmax Company Limited (the “Company”) are appropriate and comply with the standards set by the SEC Thailand, the Company is required to temporarily suspend the trading and deposit of all types of assets from November 25, 2023, starting at 1:00 p.m.

The statement also emphasized that after the end of the year, customers should contact them directly if they want to withdraw funds or assets.

“After January 31, 2024, when the company stops withdrawing money through its website and mobile app, customers should contact customer support to opt out,” the statement said.

This follows a series of reported tests for Zipmax in recent times.

On April 18, Cointelegraph reported that ZipMex was delaying payments to its customers in an attempt to “get more profit for customers”.

Related: Thailand's SEC approves four crypto firms despite Zipmex woes

The exchange has requested another extension to keep the debt in Singapore longer amid the company's liquidity problems.

Meanwhile, on January 10, Zipmax was the focus of a new investigation by Thailand's Securities and Exchange Commission (SEC) for violating new environmental laws.

On January 11, it was reported that the SEC had given one day to admit or deny that Zipmax was acting as an unauthorized digital asset fund manager.

Meanwhile, investigations about the exchange have been going on for some time.

In September 2022, the SEC filed a local police report against Zipmex, alleging that the exchange and its co-founder Akalarp Yimwilai did not comply with environmental laws.

The SEC also clarified that Zipmax does not provide information on digital wallets and crypto transactions in compliance with the country's Digital Assets Act.

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