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Home»ADOPTION NEWS»Embarrassed exchange Zipmex suspends trading in Thailand
ADOPTION NEWS

Embarrassed exchange Zipmex suspends trading in Thailand

By Crypto FlexsNovember 26, 20232 Mins Read
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Embarrassed exchange Zipmex suspends trading in Thailand
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Posted 1 minute ago In ~

Zipmex Thai has suspended new deposits and trading on the exchange citing compliance with regulations of the Securities and Exchange Commission of Thailand (SEC), according to a statement posted on the exchange’s Facebook page.

The exchange stated that withdrawals will be processed normally until January 31, 2024, at which point customers should contact the exchange’s customer support team for assistance with withdrawing funds.

Zipmex, which is headquartered in Singapore but also provides services in Thailand, Australia and Indonesia, was penalized by Thailand’s SEC for allegedly misusing digital asset management services and diverting customers to Singapore-based exchange Zipmex Pte. Conflict of interest.

Zipmex also struggled to repay creditors after losing funds due to its exposure to cryptocurrency lenders Babel Finance and Genesis. Zipmex’s $100 million acquisition plan fell through earlier this year when buyer V Ventures called off the acquisition. Zipmex Thailand could not immediately be reached for comment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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