Thailand’s SEC has ordered Zipmex, a cryptocurrency exchange, to stop offering digital asset trading and brokerage services.
This came after the SEC gave the platform instructions to improve its methods of maintaining and managing liquid capital.
However, in a meeting in early February, the regulator found that the issues had not been addressed.
Zipmex now has 15 days, starting from February 2, to comply with the order. During this time, the exchange must allow clients to withdraw their assets at any time.
Business operations can only resume after receiving clearance from the SEC. In July 2020, Zipmex faced a shortage of liquidity after its partners Babel Finance and Celsius Network faced problems. The exchange then halted fund withdrawals, citing circumstances beyond its control.
After a few days, the exchange allowed partial deposits and withdrawals. In September, Zipmex sought protection from creditors through the Singapore court.
