Zipmex Exchange Halts Trading Services in Thailand
Crypto exchange Zipmex Thailand has temporarily suspended trading and new deposits due to non-compliance with Thai SEC regulations. Users can continue withdrawing until 31 January 2024, after which they should contact support to process withdrawals.
The decision comes after several challenges, including delayed user payments due to liquidity issues, difficulties in paying creditors due to its connection with Genesis and Babel Finance, and a $100M buyout in early 2023. The exchange was under the Thailand Securities & Exchange Commission’s radar for violating local regulations and had a day to deny or admit to operating as an unlicensed crypto fund manager.
(With inputs from Shikha Singh)
You need to login in order to Like
