On 25 November, the cryptocurrency exchange Zimpex declared the suspension of all digital asset trading activities in Thailand. Zimpex has chosen to halt its operation in order to comply with the regulatory requirements of the Securities and Exchange Commission (SEC) of Thailand.
“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.” Announced by the Zimpex.
According to the statement, the customers are able to withdraw funds or assets through the website and mobile application until January 31, 2024. After the deadline, the customers have to directly contact the exchange if they want their withdrawals.
Meanwhile, investigations into the Zipmex had been going on for some time. SEC reported that the exchange and its co-founder Akalarp Yimwilai were non-compliant with local laws, and Zipmex did not provide information about digital wallets and crypto transactions in accordance with the country’s Digital Assets Act.