Thai SEC Halts Zipmex Operations Demanding Financial Corrections

Regulatory Intervention

Thailand's Securities and Exchange Commission (SEC) has mandated a temporary pause on the crypto exchange Zipmex's operations. The platform is required to overhaul its financial management systems to adequately maintain liquid capital, after failing to meet the regulatory body’s conditions set earlier in January.

Compliance Deadline

Zipmex, headquartered in Singapore, is now given a 15-day ultimatum to rectify its fiscal discrepancies and to implement mechanisms that safeguard customer funds from misuse. Following the submission and approval of the corrective reports by the SEC, Zipmex could potentially resume normal operation.

Operational Halt

Trading activities along with deposit services have been halted by Zipmex since end-of-year announcements, prompting clients to withdraw their assets. The exchange had earlier suspended withdrawals in July 2022 amidst a market downturn and has sought creditor protection while negotiating its repayment strategy.