The Securities and Exchange Commission of Thailand (SEC) has decided to suspend operations with digital assets and the provision of brokerage services on the cryptocurrency exchange Zipmex.
However, after a meeting in early February, the regulator concluded that the identified deficiencies remained unresolved.
According to the latest decision, Zipmex has been given 15 days from February 2nd to comply with the directives.
In July 2022, Zipmex faced a liquidity shortage following issues with its partners, Babel Finance and Celsius Network. Subsequently, the platform temporarily halted fund withdrawals, citing "circumstances beyond its control."
A few days later, the exchange partially resumed deposit and withdrawal capabilities, and later turned to the Singaporean court to protect itself from creditors.
In the fall of 2022, the Securities and Exchange Commission of Thailand (SEC) referred Zipmex and its co-founder Akalarp Yimwilai to the police.
In December, it was revealed that venture firm V Ventures had offered to purchase 90% of the company's shares for approximately $100 million. Zipmex promised to fully restore withdrawal capabilities after the completion of this deal. Nevertheless, in March 2023, the platform warned of possible liquidation due to V Ventures failing to make one of the payments.
In April 2023, the venture firm offered Zipmex's creditors to buy its obligations at a price of 10-20 cents on the dollar.
