Zipmex Thailand, a digital asset exchange platform, has ordered an immediate suspension of digital asset trading until Jan 31 next year.
On Saturday afternoon, Zipmex Thailand posted a message on Facebook saying:
"Dear customers, Zipmex Limited would like to ensure the proper and compliant conduct of the company's business operations in accordance with the criteria set by Thailand's Securities and Exchange Commission (SEC). Therefore, it is necessary for the company to temporarily suspend digital asset trading and deposit of all types, effective from Nov 25, 2023, at 1pm onwards.
During this period, all customers can still withdraw Thai baht and digital assets from their Trade Wallet via the website and mobile application until Jan 31, 2024. However, for digital assets of the type 'Trade Only', customers are required to contact Customer Support for withdrawal.
After Jan31, 2024, when the company suspends the withdrawal of assets through the website and mobile application, customers must contact Customer Support for withdrawal. The withdrawal process for digital assets may take seven to 14 days, and customers are required to prepare supporting documents to confirm their identity and prove ownership of the account.
Note: For any type of asset, both Thai baht and digital assets, the amount eligible for withdrawal must not be less than the withdrawal fee."
In September last year, the embattled cryptocurrency exchange operator was accused of operating outside the digital asset business regulations without permission from the SEC by persuading its customers to use Singapore-based Zipmex Pte.
"Between May 8 and July 20, 2022, it appears that Zipmex did not have in place a system to effectively prevent conflicts of interest in such matters and the business operation does not have an adequate risk control system," noted the SEC.
On Nov 10 this year, Gulf Binance, obtained approval from the SEC to commence operations of a digital asset business on Nov 10. Gulf Binance, a joint venture between Gulf Innova, which is wholly-owned by Gulf, and Binance, the world's largest cryptocurrency exchange platform, is expected to start trading crypto in Thailand early next year amid fierce competition among nine other crypto exchanges, including Zipmex.