The suspension came at the request of the Securities and Exchange Commission (SEC) of Thailand, the cryptocurrency platform said in an official statement:
“Zipmex is required to temporarily suspend its business operations, trading and custody of all types of digital assets until it brings its activities in line with the criteria set by the SEC of Thailand.”
The exchange team clarified that withdrawal transactions will be processed as normal until January 31, 2024. After that date, customers will need to contact Zipmex support for withdrawal assistance.
Thailand’s SEC has restricted the cryptocurrency marketplace for violating rules for storing digital assets, using user deposits to cover operating expenses, and withdrawing assets and redirecting customers to Singapore-based Zipmex Pte.
In March, cryptocurrency exchange Zipmex said it was
of possible liquidation and informed shareholders that it lacked the funds to maintain operations.