- Thailand’s Securities and Exchange Commission (SEC) has ordered crypto exchange Zipmex to temporarily suspend its digital asset trading and brokerage services
- Zipmex has 15 days to correct its financial position and operational deficiencies as ordered by the SEC
- If Zipmex meets the SEC’s requirements within the specified period, it will be allowed to resume normal operations
- During the suspension, users must still be able to withdraw their funds
The SEC in Thailand has taken action against crypto exchange Zipmex, instructing the platform to halt its digital asset trading and brokerage services. Zipmex has been given a 15-day period to address its financial and operational issues as mandated by the SEC. If the exchange is able to satisfy the requirements within this timeframe, it will be allowed to continue its operations without restrictions. In the meantime, users should still be able to withdraw their funds from Zipmex.
This move by the SEC highlights the importance of regulatory compliance within the cryptocurrency industry. By issuing temporary suspensions and allowing time for exchanges to rectify any deficiencies, the regulator aims to ensure the safety and security of investors and users in the market.
The SEC’s order for Zipmex to temporarily suspend its services demonstrates the regulator’s commitment to maintaining a well-regulated crypto industry in Thailand. This action sends a clear message to other exchanges and businesses in the country that compliance with regulations is not optional. By allowing a period for Zipmex to address its issues, the SEC shows a willingness to work with industry players, ensuring that users’ funds are protected while still allowing them access to their assets during the suspension. It will be important to monitor how Zipmex responds to the SEC’s requirements and whether it can successfully resume operations within the given timeframe.