Zipmex was given 15 days by SEC to address financial problems and can resume operations upon satisfying regulatory standards.
The cryptocurrency exchange Zipmex has temporarily suspended all trading and brokerage services for digital assets following an order from the Securities and Exchange Commission (SEC) of Thailand.
The Securities and Exchange Commission (SEC) announced on February 2 that Zipmex had fifteen days to rectify its financial position and operational deficiencies, as per a previous order issued by the financial authority.
The cryptocurrency exchange will be allowed to resume normal operations once it satisfies the standards set forth by the regulator, as stated by the Securities and Exchange Commission (SEC).
During this period, users will be able to withdraw funds. ” Following the procedure that is mandated by the law. According to Anek Yuyuen, Deputy Secretary General of the Securities and Exchange Commission.
“The SEC may propose that the Minister of Finance consider revoking the order if the digital asset business operator is unable to comply with the SEC’s orders within the specified period.”
Since 2023, when the cryptocurrency market saw a decline, the Securities and Exchange Commission (SEC) has been conducting regulatory investigations into Zipmex.
According to reports, the exchange was subject to an investigation into a purchase by V Ventures and whether or not it had been operating in Thailand without the approval of the regulatory authorities.
Zipmex stated that it made the decision to cease trading to comply with regulations. Zipmex made this decision in November of 2023. In 2022, the exchange in Singapore submitted a request for debt relief, stating that it owed clients $97 million.
As part of its efforts to restructure its business, Zipmex reportedly said in November 2023 that it was willing to provide creditors with 3.35 cents per dollar for initial claims.