EddieJayonCrypto
3 Feb 24
The Thai SEC has ordered Zipmex to temporarily cease operations due to non-compliance with regulatory standards and has given the exchange a 15-day deadline to implement regulatory changes. Zipmex has been under regulatory scrutiny for over a year and may potentially shut down its operations followi...
The Thai SEC has ordered Zipmex to temporarily cease operations due to non-compliance with regulatory standards and has given the exchange a 15-day deadline to implement regulatory changes. Zipmex has been under regulatory scrutiny for over a year and may potentially shut down its operations following the latest directive. The exchange is required to remain functional for withdrawals at all times, but withdrawals can only be conducted manually.
In a statement on February 2, the SEC announced its temporary ban on Zipmex’s operations due to non-compliance with its regulatory standard. The exchange had been ordered to adjust the maintenance of its net liquid capital and modify its business administration structure and personnel in order to promote efficiency and safeguard customers’ interests. FCC ruled that Zipmex had yet to comply with these directives and ordered the trading platform to suspend its operations effective from February 2. Within 15 days of the active ban, Zipmex is mandated to implement the SEC’s orders on its financial operation and alleged operational deficiencies. The trading company is also required to design a working system that will protect investors’ deposited assets against any form of exploitation. After this set period, Zipmex is expected to submit a report on these implementations to the SEC, approval of which will lead to the exchange’s resumption of operation.
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