The Thai SEC's suspension of Zipmex signals a critical juncture for crypto regulation, emphasizing the balance between market innovation and the need for stringent compliance and investor protection.

Discover the latest on Zipmex's operational halt in Thailand, as it faces SEC scrutiny and financial distress

Zipmex'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.

The 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.

Thailand's Kasikorn Bank, commonly known as KBank, has completed the acquisition of 97% of the shares in the parent company of the Satang crypto exchange.

V Ventures is also demanding the return of its investment, most of which was used for working capital.

The action appears to have been triggered by concerns about what Zipmex Thailand told the regulator about the interest payments it made.

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