The Securities and Exchange Commission of Thailand (SEC) has requested the cryptocurrency exchange Zipmex to temporarily halt its brokerage and digital asset trading services.
In a statement on February 2, the SEC stated that Zipmex has 15 days to “rectify its financial situation and operational deficiencies” in response to prior financial regulatory authority requirements. According to the SEC, the cryptocurrency exchange will be allowed to resume normal operations once it meets the regulatory agency’s requirements, during which time users must be able to withdraw their funds.
“In accordance with the procedure prescribed by law, if the operator of the digital asset business cannot comply with the SEC’s orders within the specified time, the SEC may propose to the Minister of Finance to revoke the license,” said SEC Deputy Secretary-General Anek Yuyuen.
Zipmex has been under SEC supervision since 2023, following the cryptocurrency market downturn. The exchange is believed to be under investigation regarding its acquisition by V Ventures and whether it was operating in Thailand without regulatory approval. Zipmex suspended its trading in November 2023, stating that it was a measure to comply with regulations.