Thai Crypto Exchange Zipmex Suspends Trading

Thai cryptocurrency exchange, Zipmex, has recently halted its trading operations in Thailand. This action, effective from November 25, aligns with the Securities and Exchange Commission (SEC) of Thailand’s regulations. Customers can still withdraw funds through the website and mobile app until January 31, 2024. The suspension stems from various issues, including customer payment delays and investigations by the SEC.

In September 2022, the Thai SEC filed a report against Zipmex and co-founder Akalarp Yimwilai for regulatory noncompliance. This situation worsened when, on April 18, Zipmex delayed customer payments and sought an extension for its debt moratorium in Singapore due to liquidity problems. Moreover, on January 10, the SEC launched a new probe into Zipmex for violating local regulations.

The SEC had been scrutinizing Zipmex for some time, particularly for not complying with the country’s Digital Assets Act concerning wallet and transaction information. Despite these challenges, the Thai SEC recently approved four other crypto firms. Additionally, Gulf Binance, a collaboration between Gulf Innova and Binance, is set to join Thailand’s digital asset market, increasing competition among exchanges, including Zipmex.