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Thailand Requests Zipmex to Temporarily Halt Trading Services
By AZC News | An hour ago
In a February 1 announcement, Thailand stated that Zipmex has been given a 15-day period to rectify its financial position and address operational deficiencies.
Zipmex Suspension Ends Upon Fulfillment of Requirements
Thailand previously directed Zipmex to revise its liquid capital maintenance and management structure on January 12. As of Thursday, however, ThailanThailand Requests Zipmex to Temporarily Halt Trading Services
By AZC News | An hour ago
In a February 1 announcement, Thailand stated that Zipmex has been given a 15-day period to rectify its financial position and address operational deficiencies.
Zipmex Suspension Ends Upon Fulfillment of Requirements
Thailand previously directed Zipmex to revise its liquid capital maintenance and management structure on January 12. As of Thursday, however, Thailand was dissatisfied with Zipmex’s compliance with these requirements.
Once Zipmex fulfills the requirements set by the regulator, the crypto exchange will be permitted to resume normal operations, Thailand noted. During the suspension of service, Zipmex must also provide customers with the ability to withdraw assets at any time.
“According to the process specified by law. If the digital asset business operator is unable to comply with Thailand's orders […] within the specified period, Thailand may propose that the Minister of Finance consider revoking the order,” SEC Deputy Secretary General Anek Yuyuen said.
Related: Binance and Gulf Energy Launch Crypto Exchange in Thailand
Zipmex’s Regulatory Issues
Zipmex has already discontinued trading and deposit services, and encouraged its customers to withdraw their assets, according to announcements on its website in December and January.
Zipmex has been under regulatory scrutiny from the Securities and Exchange Commission (SEC) of Thailand since December 2022, following the downturn in the crypto market. The exchange was reportedly under investigation regarding an acquisition by V Ventures and allegations of operating in Thailand without regulatory approval.
In November 2023, Zipmex suspended trading, citing the move as an effort to comply with regulations. The Singapore-based exchange had filed for debt relief in 2022, allegedly owing customers $97 million.
Following this, Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar for initial claims as part of its restructuring initiatives. However, major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaThailand Requests Zipmex to Temporarily Halt Trading Services
By AZC News | An hour ago
Thailand's Securities and Exchange Commission has instructed the cryptocurrency exchange Zipmex to temporarily suspend its digital asset trading and brokerage services starting from February 2.Thailand Requests Zipmex to Temporarily Halt Trading Services
In a February 1 announcement, Thailand stated that Zipmex has been given a 15-day period to rectify its financial position and address operational deficiencies.
Zipmex Suspension Ends Upon Fulfillment of Requirements
Thailand previously directed Zipmex to revise its liquid capital maintenance and management structure on January 12. As of Thursday, however, Thailand was dissatisfied with Zipmex’s compliance with these requirements.
Once Zipmex fulfills the requirements set by the regulator, the crypto exchange will be permitted to resume normal operations, Thailand noted. During the suspension of service, Zipmex must also provide customers with the ability to withdraw assets at any time.
“According to the process specified by law. If the digital asset business operator is unable to comply with Thailand's orders […] within the specified period, Thailand may propose that the Minister of Finance consider revoking the order,” SEC Deputy Secretary General Anek Yuyuen said.
Related: Binance and Gulf Energy Launch Crypto Exchange in Thailand
Zipmex’s Regulatory Issues
Zipmex has already discontinued trading and deposit services, and encouraged its customers to withdraw their assets, according to announcements on its website in December and January.
Zipmex has been under regulatory scrutiny from the Securities and Exchange Commission (SEC) of Thailand since December 2022, following the downturn in the crypto market. The exchange was reportedly under investigation regarding an acquisition by V Ventures and allegations of operating in Thailand without regulatory approval.
In November 2023, Zipmex suspended trading, citing the move as an effort to comply with regulations. The Singapore-based exchange had filed for debt relief in 2022, allegedly owing customers $97 million.
Following this, Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar for initial claims as part of its restructuring initiatives. However, major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaThailand Requests Zipmex to Temporarily Halt Trading Services
By AZC News | An hour ago
Thailand's Securities and Exchange Commission has instructed the cryptocurrency exchange Zipmex to temporarily suspend its digital asset trading and brokerage services starting from February 2.Thailand Requests Zipmex to Temporarily Halt Trading Services
In a February 1 announcement, Thailand stated that Zipmex has been given a 15-day period to rectify its financial position and address operational deficiencies.
Zipmex Suspension Ends Upon Fulfillment of Requirements
Thailand previously directed Zipmex to revise its liquid capital maintenance and management structure on January 12. As of Thursday, however, Thailand was dissatisfied with Zipmex’s compliance with these requirements.
Once Zipmex fulfills the requirements set by the regulator, the crypto exchange will be permitted to resume normal operations, Thailand noted. During the suspension of service, Zipmex must also provide customers with the ability to withdraw assets at any time.
“According to the process specified by law. If the digital asset business operator is unable to comply with Thailand's orders […] within the specified period, Thailand may propose that the Minister of Finance consider revoking the order,” SEC Deputy Secretary General Anek Yuyuen said.
Related: Binance and Gulf Energy Launch Crypto Exchange in Thailand
Zipmex’s Regulatory Issues
Zipmex has already discontinued trading and deposit services, and encouraged its customers to withdraw their assets, according to announcements on its website in December and January.
Zipmex has been under regulatory scrutiny from the Securities and Exchange Commission (SEC) of Thailand since December 2022, following the downturn in the crypto market. The exchange was reportedly under investigation regarding an acquisition by V Ventures and allegations of operating in Thailand without regulatory approval.
In November 2023, Zipmex suspended trading, citing the move as an effort to comply with regulations. The Singapore-based exchange had filed for debt relief in 2022, allegedly owing customers $97 million.
Following this, Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar for initial claims as part of its restructuring initiatives. However, major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaThailand Requests Zipmex to Temporarily Halt Trading Services
By AZC News | An hour ago
Thailand's Securities and Exchange Commission has instructed the cryptocurrency exchange Zipmex to temporarily suspend its digital asset trading and brokerage services starting from February 2.Thailand Requests Zipmex to Temporarily Halt Trading Services
In a February 1 announcement, Thailand stated that Zipmex has been given a 15-day period to rectify its financial position and address operational deficiencies.
Zipmex Suspension Ends Upon Fulfillment of Requirements
Thailand previously directed Zipmex to revise its liquid capital maintenance and management structure on January 12. As of Thursday, however, Thailand was dissatisfied with Zipmex’s compliance with these requirements.
Once Zipmex fulfills the requirements set by the regulator, the crypto exchange will be permitted to resume normal operations, Thailand noted. During the suspension of service, Zipmex must also provide customers with the ability to withdraw assets at any time.
“According to the process specified by law. If the digital asset business operator is unable to comply with Thailand's orders […] within the specified period, Thailand may propose that the Minister of Finance consider revoking the order,” SEC Deputy Secretary General Anek Yuyuen said.
Related: Binance and Gulf Energy Launch Crypto Exchange in Thailand
Zipmex’s Regulatory Issues
Zipmex has already discontinued trading and deposit services, and encouraged its customers to withdraw their assets, according to announcements on its website in December and January.
Zipmex has been under regulatory scrutiny from the Securities and Exchange Commission (SEC) of Thailand since December 2022, following the downturn in the crypto market. The exchange was reportedly under investigation regarding an acquisition by V Ventures and allegations of operating in Thailand without regulatory approval.
In November 2023, Zipmex suspended trading, citing the move as an effort to comply with regulations. The Singapore-based exchange had filed for debt relief in 2022, allegedly owing customers $97 million.
Following this, Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar for initial claims as part of its restructuring initiatives. However, major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.rch when making a decision.rch when making a decision.rch when making a decision.d was dissatisfied with Zipmex’s compliance with these requirements.
Once Zipmex fulfills the requirements set by the regulator, the crypto exchange will be permitted to resume normal operations, Thailand noted. During the suspension of service, Zipmex must also provide customers with the ability to withdraw assets at any time.
“According to the process specified by law. If the digital asset business operator is unable to comply with Thailand's orders […] within the specified period, Thailand may propose that the Minister of Finance consider revoking the order,” SEC Deputy Secretary General Anek Yuyuen said.
Related: Binance and Gulf Energy Launch Crypto Exchange in Thailand
Zipmex’s Regulatory Issues
Zipmex has already discontinued trading and deposit services, and encouraged its customers to withdraw their assets, according to announcements on its website in December and January.
Zipmex has been under regulatory scrutiny from the Securities and Exchange Commission (SEC) of Thailand since December 2022, following the downturn in the crypto market. The exchange was reportedly under investigation regarding an acquisition by V Ventures and allegations of operating in Thailand without regulatory approval.
In November 2023, Zipmex suspended trading, citing the move as an effort to comply with regulations. The Singapore-based exchange had filed for debt relief in 2022, allegedly owing customers $97 million.
Following this, Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar for initial claims as part of its restructuring initiatives. However, major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
