Thailand's Securities and Exchange Commission (SEC) has ordered cryptocurrency exchange Zipmex to suspend digital asset trading and brokerage services.
ก.ล.ต. Zipmex Zipmex ราวhttps://t.co/N0cCYvcASM
— ThaiSEC_News (@ThaiSEC_News) February 2, 2024
On January 12, the SEC required the platform to make changes to the structure of maintaining and managing liquid capital. However, at a meeting in early February, the regulator concluded that the identified deficiencies were still not corrected.
Starting February 2, Zipmex has 15 days to comply with the order.
“During the suspension of work [биржа] must provide clients with the ability to withdraw assets at any time […]. Zipmex will be able to resume normal business operations upon receipt of SEC clearance,” the document states.
In July 2022, Zipmex faced a liquidity shortage after partners encountered problems – Babel Finance And Celsius Network. Later platform suspended withdrawalsciting a “coincidence of circumstances” beyond her control.
A few days later, the exchange partially resumed deposits and withdrawals of funds, and later went to the Singapore court for protection from creditors.
In the fall, Thailand's SEC filed a police complaint against Zipmex and its co-founder Akalarp Yimvilaya.
In December, it became known that venture capital firm V Ventures had offered to buy 90% of the company's shares, which were valued at approximately $100 million.
Zipmex has promised to fully resume withdrawals once the deal is completed. However, in March 2023, it warned of possible liquidation due to V Ventures missing a tranche payment.
Let's remember that in April, the venture capital firm offered Zipmex creditors to buy out the exchange's obligations at the rate of 10-20 cents on every dollar.
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