Solana

Zipmex

Read

Daily

Zipmex Thailand, a prominent player in the cryptocurrency exchange market, has announced an immediate halt in trading activities. This decisive move follows the need for compliance with regulations set forth by Thailand’s Securities and Exchange Commission (SEC). The exchange communicated this development through a statement on its Facebook page, emphasizing its commitment to adhere to regulatory standards.
<h2 id="zipmex-withdrawals-process-unaffected-until-january-2024">Zipmex Withdrawals Process Unaffected Until January 2024</h2>
In a significant move, Zipmex Thailand has also <a href="https://coingape.com/jpex-exchange-suspends-trading-operations/" rel="noopener noreferrer nofollow">ceased</a> new deposits. However, the exchange assures its customers that withdrawals will continue as usual until January 31, 2024. After this date, customers seeking to withdraw funds must liaise directly with the customer support team. This policy aims to provide a structured and secure process for handling customer assets during this transitional phase.
Read Also: <a href="https://coingape.com/crypto-gainers-of-the-week-blur-gmt-and-mina-lead-the-surge/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Crypto Gainers Of the Week: BLUR, GMT, and MINA Lead the Surge</a>
<h2 id="facing-regulatory-challenges-and-financial-setbacks">Facing Regulatory Challenges and Financial Setbacks</h2>
The Singapore-based Zipmex, servicing markets in Thailand, Australia, and Indonesia, finds itself under scrutiny. The Thailand SEC has <a href="https://coingape.com/grayscale-updates-spot-bitcoin-etf-filing-with-us-sec/" rel="noopener noreferrer nofollow">raised</a> concerns over potential conflicts of interest and alleged misuse of digital asset custodian services. Specifically, these concerns pertain to the funneling of customers to its Singapore branch, Zipmex Pte, which may constitute a conflict of interest.&nbsp;
Adding to its woes, Zipmex has faced difficulties repaying creditors due to losses incurred through its associations with crypto lenders like Babel Finance and Genesis. A major setback occurred earlier this year when a planned $100 million acquisition of Zipmex by V Ventures fell through. At the time of reporting, Zipmex Thailand had not responded to requests for comments on these developments.
<h2 id="implications-for-the-crypto-market">Implications for the Crypto Market</h2>
The unfolding situation with Zipmex Thailand reflects broader challenges in the cryptocurrency market. Regulatory <a href="https://coingape.com/bitcoin-etf-blackrock-also-reportedly-met-with-us-sec/" rel="noopener noreferrer nofollow">pressures</a> and financial instabilities have become increasingly prominent, affecting exchanges and investors. As the market evolves, entities like Zipmex find themselves at a crossroads, navigating complex regulatory environments and market dynamics. The outcome of these developments will likely have significant implications for the future of digital asset trading in the region.
Read Also: <a href="https://coingape.com/solana-sol-makes-history-with-about-51m-surge-in-daily-transactions/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Solana (SOL) Makes History With About 51M Surge in Daily Transactions</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/zipmex-thailand-announces-trading-halt-amid-regulatory-compliance/">Zipmex Thailand Announces Trading Halt Amid Regulatory Compliance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Zipmex Thailand Announces Trading Halt Amid Regulatory Compliance

Table of Contents

Coingape News Media

Other articles published on Nov 25, 2023

Bitcoin Continues to Stay Strong: What Does the USDT Supply Indicate for BTC Price?

SAG-AFTRA Releases 129-Page Draft Agreement Amidst AI Protections Debate

Polkadot Plots End to Parachain Auctions, Here’s The New Plan

This Whale Astonishingly Becomes Largest Depositor On Ethereum L2 Blast Bridge

Unlocking the Kissanverse: A Journey into the Heart of the KSN Ecosystem

Recap of the Debut Forbes Cyprus Women in Tech Club Event: How To Elevate HR

Join our free newsletter for daily crypto updates!