Zipmex halts all digital asset trading in Thailand

While the move is only temporary, it’s yet another blow for a company that is struggling to maintain a steady cash flow and repay its creditors. Zipmex looked to have secured its financial future earlier this year when V Ventures announced a $100m buyout, but the acquisition fell through weeks later.

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The Singapore-based company is under scrutiny from regulators in Thailand, and have faced investigation in its operations since early 2023. The latest setback is a sign of its ongoing struggles. In a statement, Zipmex said all trading in Thailand ceased on Saturday afternoon.

A press release statement from the company stated:

To ensure that the business operations of Zipmex Company Limited (“Company”) are appropriate and compliant with the criteria set by the SEC Thailand, the company is required to temporarily suspend the trading and depositing of all types of assets, effective from November 25, 2023, at 1:00 PM onwards.

Zipmex also confirmed that customers will not be able to withdraw funds or assets via its web portal and will instead, have to contact the company’s customer support directly to conduct financial transactions. It also plans to suspend all withdrawals via its mobile app and the web by January 31, 2024.

The beleaguered company, which also serves customers in Australia and Indonesia, could be hit with penalties after Thailand’s SEC deemed there was a conflict of interest in its actions to funnel customers directly to its Zipmex Pte platform.