Zipmex Thailand, a crypto exchange, has announced that it has stopped accepting new deposits and trading on its platform due to compliance issues with Thailand’s SEC. Customers can still withdraw funds until January 31, 2024.
Zipmex Thailand, a crypto exchange that operates in Thailand, Australia, and Indonesia, has halted new deposits and trading on its exchange, citing compliance with Thailand’s Securities and Exchange Commission (SEC).
The exchange posted a statement on its Facebook page, informing its customers of the decision and apologizing for any inconvenience caused.
Zipmex clarified that withdrawals will be processed normally until January 31, 2024, at which point customers will need to contact the exchange’s customer support team for assistance in withdrawing funds.
The exchange also advised its customers to update their KYC information and bank account details to ensure a smooth withdrawal process. The exchange did not provide any details on when or if it will resume its services.
Zipmex Thailand’s suspension comes amid regulatory and financial challenges for the exchange.
According to a report by The Block, Zipmex faces penalties from Thailand’s SEC related to Zipmex Thailand’s alleged misuse of a digital asset custodian service and for funneling customers to the Singapore-based exchange Zipmex Pte, creating a conflict of interest.
Zipmex has also struggled to repay creditors after losing funds through exposure to crypto lenders Babel Finance and Genesis.
A planned $100 million buyout of Zipmex fell apart earlier this year when the buyer, reportedly V Ventures, dropped out of the purchase.
Zipmex Thailand was unable to be immediately reached for comments on this statement.
