Thailand's SEC Halts Zipmex: Trading and Brokerage Services on Hold Zipmex, a prominent cryptocurrency exchange in Thailand, has been ordered by the country's Securities and Exchange Commission (SEC) to
suspend its digital asset trading and brokerage services starting from February 2.
The SEC's decision, announced on February 1, comes as a result of concerns over
Zipmex's financial position and operational shortcomings. The exchange has been given a
15-day grace period to rectify these issues.
Despite a prior directive from the SEC on January 12 to address its liquid capital management,
Zipmex's compliance efforts have fallen short, prompting the regulator's latest action. Once Zipmex meets the requirements outlined by the SEC, it will be allowed to
resume normal operations, with an emphasis on providing customers the ability to withdraw their assets during this suspension period.
"Failure to comply within the specified timeframe could lead to further consequences," warns Anek Yuyuen, Deputy Secretary General of the SEC,
hinting at the possibility of regulatory intervention. This isn't Zipmex's first encounter with regulatory scrutiny. Since December 2022,
it has faced investigation over an acquisition deal and allegations of operating without proper approval in Thailand.
