Key takeaways:
- The SEC of Thailand has issued an order to crypto exchange Zipmex to temporarily halt its brokerage and trading services for digital assets.
- The SEC has been monitoring Zipmex since 2023 when the cryptocurrency market experienced a decline.
The Securities and Exchange Commission (SEC) of Thailand has issued an order to cryptocurrency exchange Zipmex to temporarily halt its brokerage and trading services for digital assets.
The SEC stated in a statement on February 2 that Zipmex has 15 days to comply with the financial regulator’s previous orders to address its operational and financial shortcomings.
The SEC states that after the cryptocurrency exchange satisfies the regulator’s requirements, it will be permitted to resume regular operations. During this period, users must be able to withdraw their money. Anek Yuyuen, deputy secretary general of the SEC, stated:
“According to the process specified by law. If the digital asset business operator is unable to comply with the SEC’s orders […] within the specified period, the SEC may propose that the Minister of Finance consider revoking the order,”
The SEC has been monitoring Zipmex since 2023 when the cryptocurrency market experienced a decline.
According to reports, the exchange was the subject of an investigation over a V Ventures acquisition and whether or not it had been doing business in Thailand without a license.
In November 2023, Zipmex announced a suspension of trade, citing an effort to adhere to regulatory requirements. According to reports, the Singapore-based exchange owed clients $97 million when it applied for debt relief in 2022.
As part of its restructuring efforts, Zipmex reportedly stated as of November 2023 that it was willing to provide creditors with 3.35 cents per dollar for initial claims.
The Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong has raided several facilities connected to the iris biometrics company Worldcoin. The PCPD’s inquiry aims to protect people’s privacy and guarantee adherence to local data protection legislation. The PCPD emphasized the sensitivity of managing and using biometric data while highlighting its unique and unchangeable nature.
