Zipmex Closes Trading Services in Thailand to Comply with Regulators

• Zipmex announced that it will be closing its trading services in Thailand to comply with local regulators.
• The crypto exchange said that the temporary suspension was decided after getting approval from the Thai SEC.
• Users of the exchange that seek to withdraw funds after 2023-end will have to get in direct touch with the firm.
• The firm signed a deal with V Ventures for a bailout as it was severely affected by the 2022 crypto bear run.

Zipmex, a global digital asset exchange that is headquartered in Singapore and operates in Thailand, Australia, and Indonesia, has confirmed that it will be shutting down all trading activities in Thailand to comply with the local regulators. This move comes at a time when authorities around the globe are carefully scrutinizing blockchain-focused businesses.

The exchange issued a public statement on November 25 on social media platform Facebook, confirming its decision to users. Interestingly, Zipmex states that the temporary halt has been done so that the platform can operate as per the wishes and requirements of the Securities and Exchange Commission (SEC), the securities regulator of Thailand

“To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand, the company is required to temporarily suspend the trading and depositing of all types of assets, effective from November 25, 2023, at 1:00 PM onwards,” said the firm.

Users of the platform took to social media platform X (formerly known as Twitter) to express their disappointment in the matter. However, some said that Zipmex will be back soon and is seeking to boost its operations in Thailand.

Zipmex đang nỗ lực vượt qua khó khăn và tái thúc đẩy thị trường tiền điện tử Thái Lan.

— Nguyễn Ngọc Tân (@TenTenGan15) November 26, 2023

Additionally, Zipmex also stated in its announcement that after the end of 2024, if customers are interested in withdrawing funds from the exchange, they will have to come in direct contact with the firm

“After January 31, 2024, when the company suspends withdrawals through the website and mobile application, customers are required to contact Customer Support for withdrawals,” the firm’s statement said

The crypto exchange has been facing troubles since the digital asset space entered its bearish phase in 2022. As per earlier reports by Bitnation, Zipmex Asia was set to be acquired by V Ventures, a subsidiary of the SET-listed shipping company Thoresen Thai Agencies Plc. The buyer offered $30 million in cash and more money in crypto coins. However, the deal faced some troubles back in March after V Ventures failed to send regulator payments to the exchange