Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country’s SEC Rules

Zipmex Thailand Suspends Crypto Trading Citing Compliance With the Country’s SEC Rules

Zipmex, a Thailand-based cryptocurrency trading platform, has suspended its services due to non-compliance with the country’s Securities and Exchange Commission (SEC) regulations.

The company made the announcement on its website Thursday, saying that it was following instructions from the Thai SEC’s Financial Institution Division (FID) and suspending service for a period of 90 days starting from July 17, 2020.

The company clarified that its customers’ assets are safe and that it will continue to serve their support services. The company said that it will adhere to the guidelines set by the FID and comply with any regulations set by the Thailand government.

Zipmex noted that it takes the safety of its customers’ funds seriously and will continue to do so in the future. It added that it will continue to work with regulators in order to achieve a full understanding of their requirements, and as a global business, it is committed to ensuring compliance with all market regulations worldwide.

This suspension is bound to have a negative impact on the crypto trading market in Thailand, as Zipmex was one of the few platforms that allowed Thai traders to buy, sell, and store cryptos. To combat this, the Thailand SEC has been issuing new laws to regulate the crypto industry in the country. Earlier this week, the SEC released a regulatory framework for cryptocurrencies, which will help the government understand the entire crypto market better.

It is unclear how long the suspension will last, however the company stated that it will continue to work with the Thai SEC during this period and comply with their instructions. Zipmex has also committed to reopen its exchange services once it has achieved compliance with all the required regulations.