As part of its efforts to comply with regulations, cryptocurrency exchange Zipmex has announced that it is taking immediate action and suspending all digital asset trading in Thailand.

Zipmex has chosen to temporarily suspend its operations in order to comply with regulatory requirements with the Securities and Exchange Commission (SEC) in Thailand, according to a statement released on November 25:

Effective November 25, 2023, at 1:00 PM, Zipmex Company Limited (“Company”) is required to temporarily suspend the trading and depositing of all types of assets in order to make sure that its business operations are appropriate and in compliance with the standards set by the SEC Thailand.

The statement also stressed that users who want to withdraw money or assets must get in touch with the exchange directly.

After that Customers must contact Customer Support for withdrawals after January 31, 2024, when the company suspends withdrawals through the website and mobile application, according to the statement.

This comes after a string of recently disclosed difficulties for Zipmex.

In light of the company’s liquidity problems, the exchange asked for an additional extension to enable a longer moratorium on its debt in Singapore.

On January 10, however, the SEC of Thailand launched a fresh investigation into Zipmex for allegedly breaking new regional regulations.

According to reports, Zipmex was given one day on January 11 to confirm or refute to the SEC whether it had been acting as a manager of digital asset funds without authorization.

Investigations into the exchange had been ongoing for some time in the meantime.

The SEC filed a local police report on Zipmex in September 2022, alleging that Akalarp Yimwilai, the exchange’s co-founder, and Zipmex had broken local laws.

In addition, the SEC clarified that Zipmex had violated the nation’s Digital Assets Act by failing to disclose information about digital wallets and cryptocurrency transactions.