Thailand’s SEC has mandated a temporary halt on Zipmex’s trading and brokerage activities. The crypto exchange now has a 15-day window to rectify its financial and operational issues, per the regulator’s directives.
Compliance Countdown Begins
On February 2, the SEC’s announcement put Zipmex on notice. The exchange must overhaul its operations and financial health within the timeframe. Success in these areas will enable Zipmex to restart its services, ensuring users can withdraw funds seamlessly.
Zipmex’s journey has been turbulent, especially after the 2023 crypto market slump. The exchange’s trading suspension last November was a bid to align with regulatory standards. Moreover, its debt relief plea in 2022, with $97 million owed to customers, underscores its financial woes. Zipmex is proposing a creditor repayment plan as part of its restructuring.
The SEC’s latest move underscores its commitment to a regulated and safe digital asset market in Thailand. Zipmex’s ability to comply with these directives will be crucial for its regional operational continuity.