Mithat Can Kartlaşmış 
The Securities and Exchange Commission of Thailand (SEC) has ordered cryptocurrency exchange Zipmex, which is struggling with financial difficulties, to cease operations. Zipmex, which failed to comply with the regulator’s January 12th instructions to improve its liquidity and change its management structure, is now subject to the SEC’s new decision.
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The SEC had called on the troubled exchange to correct its financial regulations and prevent the misuse of customer funds, but Zipmex was unable to meet these demands. As a result, the SEC gave Zipmex a 15-day deadline and ordered it to report its corrected status by February 2, 2024.
Zipmex is known to have suffered significant losses in the 2022 bear market and has recently fallen into financial difficulty. The exchange is estimated to owe users over $97 million.
Over the past year, the exchange has suspended withdrawals, reopened them, and repeatedly asked the Singapore court to extend the moratorium on its debts.
Zipmex is reportedly allowed to resume normal business operations after obtaining permission from the SEC. However, the exchange’s financial difficulties and the regulator’s close scrutiny once again highlight the uncertainties in the cryptocurrency market.