Kenne Michael 
As part of its efforts to comply with regulations, cryptocurrency exchange Zipmex has announced it is taking immediate action by suspending all digital asset trading in Thailand.
Zipmex has temporarily suspended its operations following regulatory obligations set forth by the Securities and Exchange Commission (SEC) in Thailand, as outlined in a statement released on November 25.
“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.”
In addition, the statement emphasized that in order to withdraw funds or assets, clients must contact the exchange directly.
“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 statement noted.
Recent reports have identified a succession of difficulties encountered by Zipmex.
According to a report on April 18, Zipmex postponed client payments in an effort to “maximize returns for customers.”
Amid the company’s liquidity concerns, the exchange requested an additional extension to permit a lengthier moratorium on its debt in Singapore.
Meanwhile, the SEC of Thailand initiated a new investigation into Zipmex on January 10 for violating newly implemented local regulations.
According to reports, Zipmex was given one day to confirm or deny to the SEC whether it had been operating without authorization as a digital asset fund manager on January 11.
Meanwhile, investigations into the transaction had been ongoing for a considerable duration.
The SEC filed a local police report against Zipmex in September 2022, alleging that the exchange and its co-founder Akalarp Yimwilai had failed to comply with local regulations.
In addition, the SEC explained that Zipmex had failed to comply with the country’s Digital Assets Act by failing to disclose information regarding digital wallets and crypto transactions.