Zipmex, a cryptocurrency exchange based in Singapore, has decided to temporarily suspend all digital asset trading operations in Thailand. This move is in response to regulatory demands set by the Securities and Exchange Commission (SEC) in Thailand. The suspension, effective from November 25, aims to ensure that Zipmex’s business operations align with the regulatory standards established by the Thai SEC. During this period, customers are encouraged to directly contact the exchange for any withdrawal needs. After January 31, 2024, website and app-based withdrawals will also be temporarily suspended, and customers will need to liaise with Customer Support for further assistance with withdrawals. Zipmex serves markets in Thailand, Australia, and Indonesia, but now faces potential penalties from the Thai SEC due to alleged misconduct. The regulator claims that Zipmex Thailand misused a digital asset custodian service and directed customers to the Singapore-based exchange Zipmex Pte, creating a conflict of interest. Despite seeking an extension for a debt moratorium in Singapore, Zipmex remains under heightened regulatory scrutiny. The company’s financial challenges, including the suspension of withdrawals and freezing of accounts, were exacerbated by the industry-wide impact of a prolonged bear market.

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Information	Details
Geography	Asia
Countries	🇸🇬 🇹🇭 🇦🇺 🇮🇩
Sentiment	negative
Relevance Score	1
People	None
Companies	Zipmex, Securities and Exchange Commission (SEC), Zipmex Thailand, Zipmex Pte
Currencies	None
Securities	None