Zipmex Exchange has decided to suspend all digital asset trading activities in Thailand untiJan. 31, 2024.

The decision, which took effect on Nov. 25, at 1:00 PM, was made in accordance with localregulations set by the Securities and Exchange Commission (SEC) of Thailand.

The decision to halt trading and depositing of assets was made to ensure compliance with theregulatory requirements established by the SEC Thailand. Customers who wish to withdrawfunds or assets during this period are instructed to contact the exchange directly.

This suspension comes as Zipmex faces various challenges, including delays in customerpayments, liquidity issues, and ongoing investigations by the SEC in ThailandIn September 2022, the SEC filed a local police report against Zipmex, alleging noncompliancewith local laws and accusing the exchange and its co-founder Akalarp Yimwilai of operatingoutside digital asset business regulations without permission from the SEC. Theaccusations included persuading customers to use Singapore-based Zipmex Pte

Despite the suspension, customers can still withdraw, Thai baht and digital assets from theirtrade Wallet via the website and mobile application until Jan. 31, 2024. However, for digitalassets categorized as 'Trade Only,'customers need to contact Customer Support forwithdrawal.

The investigations into Zipmex had been ongoing for some time, with the SEC highlighting thatthe exchange had failed to provide information on digital wallets and crypto transactions incompliance with the country's Digital Assets Act.