The Securities and Exchange Commission (SEC) of Thailand has mandated the cryptocurrency exchange Zipmex to suspend trading of digital assets and brokerage services.
ก.ล.ต. สั่งการให้ Zipmex ระงับการให้บริการเป็นศูนย์ซื้อขายและนายหน้าซื้อขายสินทรัพย์ดิจิทัลชั่วคราวhttps://t.co/N0cCYvcASM
— ThaiSEC_News (@ThaiSEC_News) February 2, 2024
On January 12, the SEC required the platform to make changes to its structure for maintaining and managing liquid capital. However, at a meeting in early February, the regulator concluded that the identified deficiencies remained unaddressed.
Starting from February 2, Zipmex has 15 days to comply with the order.
“During the suspension, [the exchange] must allow clients to withdraw assets at any time […]. Zipmex can resume normal business operations after receiving permission from the SEC,” the document states.
In July 2022, Zipmex faced liquidity issues following problems with its partners — Babel Finance and Celsius Network. Subsequently, the platform suspended withdrawals, citing an “unforeseeable circumstance” beyond its control.
A few days later, the exchange partially resumed deposits and withdrawals, and later sought court protection from creditors in Singapore.
In the autumn, the Thai SEC filed a police complaint against Zipmex and its co-founder Akalarp Yimwilai.
In December, it was revealed that venture firm V Ventures proposed to acquire 90% of the company’s shares, valued at approximately $100 million.
Zipmex promised to fully resume withdrawals after the deal’s completion. However, in March 2023, it warned of potential liquidation due to V Ventures missing a tranche payment.
Earlier in April, the venture firm offered Zipmex creditors to buy out the exchange’s obligations at a rate of 10–20 cents on the dollar.