Thailand's Ministry of Finance revoked Zipmex's license due to compliance issues, financial risks, and improper management, following an SEC investigation revealing unauthorized fund transfers.
AlexZipmex's restructuring plan offers creditors a fraction of their claims, sparking discontent and a call for an independent review. The exchange's struggles, evident since August 2022, escalate with uncertainties surrounding increased repayment contingent on financial recovery. As the creditors' vote approaches, Zipmex faces a critical juncture. The recent pause in trading operations in Thailand adds another layer of complexity, reflecting the ongoing challenges the exchange is grappling with.
BerniceThe Securities and Exchange Commission (SEC) of Thailand has implemented a trading and asset deposit halt for Zipmex, effective from 25 November, 1pm local time. This decision aligns with local regulations to ensure compliance. The suspension instructs customers seeking fund or asset withdrawals during this period to directly contact the exchange.
JoyThe action appears to have been triggered by concerns about what Zipmex Thailand told the regulator about the interest payments it made.
OthersTroubled crypto exchange Zipmex has time to come up with a restructuring plan by Dec. 2 after halting withdrawals in July.
CointelegraphThailand’s regulators are still approving crypto companies despite one of its largest ones suspending withdrawals.
CointelegraphCrypto exchange Zipmex has now resumed withdrawals for a few altcoins apart from Bitcoin and Ethereum. So far, there are ...
BitcoinistAfter weeks of rumors, cryptocurrency exchange Zipmex said that it had filed for bankruptcy protection in Singapore in response to ...
BitcoinistThe crypto exchange said it had $48 million in exposure with Babel Finance and $5 million with Celsius — both firms faced liquidity and insolvency issues, respectively.
CointelegraphThe investors affected by Zipmex's withdrawals' pause can submit information about their losses via an online forum on the Thai SEC’s official website.
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