Zipmex Thailand, a digital asset exchange platform, has temporarily suspended digital asset trading until January 31, 2024. This decision has been made in order to comply with the regulations set by Thailand’s Securities and Exchange Commission (SEC).
Key Takeaways
- Zipmex Thailand has temporarily suspended digital asset trading until January 31, 2024, in order to comply with the criteria set by Thailand’s Securities and Exchange Commission.
- Customers can still withdraw Thai baht and digital assets from their Trade Wallet during this period, but withdrawals after January 31, 2024, will require contacting Customer Support and may take up to 14 days.
- Gulf Binance, a joint venture between Gulf Innova and Binance, has obtained approval to start trading cryptocurrencies in Thailand, posing competition to Zipmex and other exchanges.
Zipmex faced accusations last year of operating without SEC permission, and now faces competition from Gulf Binance, which has obtained approval to start trading crypto in Thailand.
During this period, all customers will be able to withdraw both Thai Baht and digital assets from the Trade Wallet as usual through the website and mobile application until January 31, 2024.
Starting from January 31, 2024, customers will need to reach out to Customer Support in order to make withdrawals, as the company will suspend the option to withdraw through the website and mobile application. It is important to keep in mind that the withdrawal process for digital assets may take approximately 7-14 days to be fully completed.