Zipmex Halts Trading in Thailand Amidst SEC Probe

Zipmex Halts Trading in Thailand Amidst SEC Probe

by November 28, 2023

Cryptocurrency exchange Zipmex has initiated a temporary suspension in the trading and depositing of all types of assets from 25 November 2023, at 1:00 PM following a probe by the Thailand’s Securities and Exchange Commission (SEC).

During the suspension period, customers can still withdraw Thai Baht and digital assets from their Trade Wallet through the company’s website and mobile application until 31 January 2024.

For specific digital assets labeled as ‘Trade Only’, withdrawals will be facilitated through Zipmex’s Customer Support team.

Post 31 January 2024, Zipmex will disable withdrawal services via its website and mobile application, necessitating customers to reach out to Customer Support for all withdrawal transactions.

The process for digital asset withdrawals is expected to take between 7 to 14 days, and customers will be required to provide documentation for identity verification and account ownership.

This move comes amidst a series of challenges faced by Zipmex, including delays in payments to customers and ongoing investigations by the SEC of Thailand into potential regulatory breaches.