The Thai SEC ordered Zipmax to temporarily suspend its services
Thailand's Securities and Exchange Commission (SEC) has ordered crypto exchange Zipmax to temporarily halt its digital asset trading and brokerage services.
In a February 2 announcement, the SEC said Zipmax had 15 days to “correct its financial position and operational deficiencies” as previously ordered by the financial regulator. According to the SEC, a crypto exchange is allowed to continue normal operations by meeting the regulator's requirements, during which users must be able to withdraw funds.
“According to the process defined by the law. If the operator of the digital asset business fails to comply with the SEC's orders […] Within the specified period, the SEC may recommend that the Finance Minister consider revoking the order,” said SEC Deputy Secretary General Anek Yuyun.
Related: Thailand Opens Doors to Retail Investments with Infrastructure-Backed Digital Tokens
ZipMex is under regulatory scrutiny from the SEC starting in 2023 following the collapse of the crypto market. The exchange is reportedly facing an investigation into the purchase of V Ventures and its alleged deregulation in Thailand. Zipmax ceased trading in November 2023, citing the move as an attempt to comply with regulations.
The Singapore-based exchange was founded in 2010. $97 million in debt relief was offered to customers by 2022. In the year Starting in November 2023, Zipmax said it was willing to make an initial claim to creditors of 3.35 cents on the dollar as part of its restructuring effort.
Magazine: Hong Kong Bitcoin ETF FOMO, Thailand approves $14B airdrop: Asia Express
