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.
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