Thai SEC Orders Temporary Suspension of Zipmex Crypto Services

Thai SEC directs a 15-day suspension of Zipmex's crypto trading services, citing financial and operational issues. During this period, customers can withdraw their assets. Learn more about the regulatory intervention and its implications.

  • – Thai SEC Orders Suspension: The Securities and Exchange Commission (SEC) of Thailand has mandated a 15-day suspension of cryptocurrency exchange Zipmex’s trading and brokerage services.
  • – Operational and Financial Corrections Required: Zipmex is directed to address issues related to net liquid capital maintenance, meet legal financial requirements, and rectify its business management structure.
  • – Customer Asset Withdrawals Allowed: While operations are suspended, Zipmex must facilitate customer withdrawals, respecting their choices regarding fund management.

SEC Mandates Suspension:

In a recent development, the Securities and Exchange Commission (SEC) in Thailand has instructed the temporary suspension of trading and brokerage services by Zipmex, a prominent cryptocurrency exchange. The directive, issued on January 12, outlines the necessity for Zipmex to rectify its net liquid capital, align it with legal standards, and address underlying business management issues.

Operational Halt and Customer Withdrawals:

Despite the SEC’s initial orders, Zipmex failed to meet the specified requirements by January 27. Subsequent evaluations during the Commission’s February 1 meeting deemed the exchange’s corrective efforts insufficient. As a consequence, Zipmex is compelled to suspend its operations until the necessary corrections are implemented. However, the exchange is obliged to allow customers to withdraw their assets during this period, respecting their preferences in fund management.

Disclaimer: The information provided in this article is for educational and informational purposes only. It should not be considered financial advice from Cryptozi or any other entity. We want to emphasize that if readers use the content or services mentioned in this article, Cryptozi is not responsible for any resulting losses. Therefore, it is strongly advised to exercise caution and consult with financial professionals before making any financial decisions that could impact your financial situation.

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