Zipmex served 15-day ultimatum to comply with Thai regulations
Zipmex will have to hit pause in Thailand and adjust its compliance with local laws after warnings of inadequate business practices. Zipmex received instructions to immediately halt its crypto exchange and digital asset brokerage services in Thailand pending changes to the platform’s financial positions and operational deficiencies. The crypto exchange was previously ordered to standardize management structures and capital maintenance, but Zipmex failed to comply with the deadline set by Thailand’s Securities and Exchange Commission (SEC). According to the regulator, Singapore-based Zipmex could not maintain net liquid capital as required by local financial policies. Thailand’s SEC has allowed the crypto exchange 15 days to implement solutions, including providing proof of internal experts with sufficient business know-how and creating a system to prevent misuse of customer deposits for profit generation. You might also like: Zipmex crypto exchange halts trading operatio...