{"id":70590,"date":"2024-02-02T15:54:44","date_gmt":"2024-02-02T19:54:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70590"},"modified":"2024-02-02T15:54:46","modified_gmt":"2024-02-02T19:54:46","slug":"zipmex-to-suspend-services-temporarily-in-thailand","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/zipmex-to-suspend-services-temporarily-in-thailand\/","title":{"rendered":"Zipmex to Suspend Services Temporarily in Thailand"},"content":{"rendered":"\n

Thailand's Securities and Exchange Commission (SEC) has issued a temporary suspension order for digital asset trading and brokerage services on the cryptocurrency exchange Zipmex<\/a>.<\/p>\n\n\n\n

\"Zipmex
Zipmex to Suspend Services Temporarily in Thailand<\/figcaption><\/figure>\n\n\n\n

The SEC stated in a supplemental filing on February 2 that Zipmex had fifteen days to rectify “its financial position and operational deficiencies,” as the financial regulator had previously mandated. <\/p>\n\n\n\n

The SEC states that for the cryptocurrency exchange to recommence regular operations, it must satisfy the regulator's requirements. Until then, users are required to have the ability to withdraw funds.<\/p>\n\n\n\n

“Following the legally mandated procedure. Anek Yuyuen, deputy secretary general of the SEC, stated that the SEC may recommend to the Minister of Finance the possibility of vacating the order if the operator of the digital asset business<\/a> fails to adhere to the SEC's directives within the designated timeframe.<\/p>\n\n\n\n

The SEC has been conducting regulatory oversight of Zipmex since 2023, after the decline in the cryptocurrency market. Reportedly, an investigation was underway into whether the exchange had been operating in Thailand without regulatory sanction or about an acquisition by V Ventures\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. With the justification that the suspension was to comply with regulations, Zipmex ceased trading in November 2023.<\/p>\n\n\n\n

Reportedly owing $97 million to its clients, the Singapore-based exchange petitioned for debt relief in 2022. According to reports, as of November 2023, Zipmex expressed its willingness to compensate creditors 3.35 cents per dollar for initial claims concerning its restructuring endeavors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thailand’s Securities and Exchange Commission (SEC) has issued a temporary suspension order for digital asset trading and brokerage services on the cryptocurrency exchange Zipmex. The SEC stated in a supplemental filing on February 2 that Zipmex had fifteen days to rectify “its financial position and operational deficiencies,” as the financial regulator had previously mandated. The […]<\/p>\n","protected":false},"author":12,"featured_media":70593,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[5580,468,2009],"class_list":["post-70590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-exchange-2","tag-thailand-sec","tag-zipmex"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/image-3.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70590"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/70593"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}