Monday, December 4, 2023
No Result
View All Result
Crypeto News
Smarter_way_USA
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
Crypeto News
No Result
View All Result

Thailand SEC Decides To Ban Crypto Companies Offering Staking And Lending Services

by crypetonews
September 16, 2022
in Bitcoin
Reading Time: 2 mins read
0 0
A A
0
Home Bitcoin
Share on FacebookShare on Twitter


Thailand’s Securities and Exchange Commission (SEC) has recently decided to ban crypto companies from offering staking and lending services. The primary reason behind doing so was to safeguard traders from the potential risks that are associated with crypto lenders.

Many prominent crypto lenders have also suffered liquidity issues in recent times owing to the market downturn. The decision to ban the “depository services” includes paying returns to the depositors, and it was created to primarily protect traders from the risks that have been associated with crypto lenders.

Crypto lenders such as Celsius Network and Babel Finance, those that were offering lending services, froze their withdrawals in the past few months owing to the industry-wide decline.

Market movers such as Bitcoin and Ethereum have lost more than 50% of their market value since the beginning of 2022. Zipmex is also one of the beleaguered exchanges that have halted withdrawals. The exchange has entities in Singapore, Thailand, Australia, and Indonesia.

Move Comes After Crypto Exchanges Faced Bankruptcy

Liquidity problems have been a concern for crypto exchanges this year, specifically given that the industry has staggered under a difficult situation.

Exchanges have reported serious liquidity concerns in 2022. Some lenders had planned on providing higher interest rates to depositors, and they, in turn, also faced bankruptcy as the market crashed.

The Thai SEC had proposed that

Prohibit crypto business operators from taking deposits of digital assets and further using those digital assets to borrow and invest to pay the depositors. Prohibiting advertising or soliciting the general public or conducting any activities that would support deposit-taking or lending services. Prohibiting the digital business operators from accepting digital assets and paying returns to the depositors.

The Thai SEC has also conducted an inquiry regarding the losses that were faced by the public. It has taken in feedback regarding the impact caused by Zipmex through an online forum.

The withdrawals of Zipmex have now resumed for the customers in Thailand, but this hasn’t taken the exchange off the SEC’s radar.

Zipmex’s Current Situation

The Thai SEC started to get involved due to the liquidity issues that were faced by the exchange, Zipmex, starting in July 2022.

At that point, Zipmex had a strong presence in Southeast Asian countries. It had just halted deposits and withdrawals on the platform.

At the moment, Zipmex has assured that it has been working with the SEC closely and is fully complying with the necessary standards and security measures.

The SEC has also decided to implement stringent advertising rules for crypto firms that have been operating within the country since October 1.

The firms will have to cut back on advertising by directly promoting crypto to the “official channels” as well as their own websites and will be required to provide details of adverts and spending.

This includes the role of social media influencers and bloggers, as well as their terms with the SEC.



Source link

Tags: banCompaniescryptoDecidesLendingOfferingSECServicesStakingThailand
Previous Post

Vietnam, Philippines, India, China Among Top Countries for Crypto Adoption, Chainalysis Global Index Shows – Featured Bitcoin News

Next Post

Crypto Plummets As CPI Worsens, Any Chance For Reversal?

Related Posts

Bitcoin Price Prediction: BTC Crashes Through $41K Barrier After 11% Surge That Underscores The Massive Potential Of This Bitcoin Cloud Mining Platform
Bitcoin

Bitcoin Price Prediction: BTC Crashes Through $41K Barrier After 11% Surge That Underscores The Massive Potential Of This Bitcoin Cloud Mining Platform

December 4, 2023
🔴Crypto Spring is Here? | This Week in Crypto – Dec 4, 2023
Bitcoin

🔴Crypto Spring is Here? | This Week in Crypto – Dec 4, 2023

December 4, 2023
Standard Chartered-Backed Zodia Custody Joins Ripple-Owned Metaco’s Global Crypto Storage Network
Bitcoin

Standard Chartered-Backed Zodia Custody Joins Ripple-Owned Metaco’s Global Crypto Storage Network

December 4, 2023
Theta Network Price Prediction for Today, December 3 – THETA Technical Analysis
Bitcoin

Theta Network Price Prediction for Today, December 3 – THETA Technical Analysis

December 3, 2023
Dogecoin Rallies To 4-Month Highs, Can Bulls Take It Above $0.3?
Bitcoin

Dogecoin Rallies To 4-Month Highs, Can Bulls Take It Above $0.3?

December 3, 2023
Solana Founder Doesn’t Want Network To Be Called ‘Ethereum Killer, Here’s Why
Bitcoin

Solana Founder Doesn’t Want Network To Be Called ‘Ethereum Killer, Here’s Why

December 3, 2023
Next Post
Crypto Plummets As CPI Worsens, Any Chance For Reversal?

Crypto Plummets As CPI Worsens, Any Chance For Reversal?

Coinbase claimed the ETH APY would go up to 12% after the merge. It’s now showing 3.77% a .50% increase after the merge. COINBASE: : ethereum

Coinbase claimed the ETH APY would go up to 12% after the merge. It's now showing 3.77% a .50% increase after the merge. COINBASE: : ethereum

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Application Open for Next Billion Fellowship Cohort 4
Ethereum

Application Open for Next Billion Fellowship Cohort 4

by crypetonews
November 28, 2023
0

Decades from now, there will be many stories to tell about the early days of Ethereum. We will remenisce about...

Neo Price Prediction for Today, December 1 – NEO Technical Analysis

Neo Price Prediction for Today, December 1 – NEO Technical Analysis

December 1, 2023
Hong Kong Securities Trade Group Proposes Portal for ICOs

Hong Kong Securities Trade Group Proposes Portal for ICOs

November 30, 2023
Cryptocurrency Underworld: Unmasking Illicit Financial Flows

Cryptocurrency Underworld: Unmasking Illicit Financial Flows

November 28, 2023
Next Cryptocurrency to Explode Saturday, 2 December – Chainlink, Gas, Bitcoin ETF Token

Next Cryptocurrency to Explode Saturday, 2 December – Chainlink, Gas, Bitcoin ETF Token

December 2, 2023
‘A Politician Masquerading as a Regulator’ – 3 Takeaways From Gary Gensler’s Fortune Profile

‘A Politician Masquerading as a Regulator’ – 3 Takeaways From Gary Gensler’s Fortune Profile

November 29, 2023
  • Trending
  • Comments
  • Latest
What Nobody Tells You About The Ether Futures ETF! (Ethereum Price Prediction)

What Nobody Tells You About The Ether Futures ETF! (Ethereum Price Prediction)

September 30, 2023
Top 10 NFT Projects to Watch in 2023-2024

Top 10 NFT Projects to Watch in 2023-2024

November 9, 2023
XRP Price 💥 Ripple XRP & Bitcoin Price Chart 📈 Bitcoin ETF ✔️CRYPTO NEWS 💲 WATCH ALL

XRP Price 💥 Ripple XRP & Bitcoin Price Chart 📈 Bitcoin ETF ✔️CRYPTO NEWS 💲 WATCH ALL

October 24, 2023
Insane Bitcoin PUMP: $35 Million in Shorts OBLITERATED Overnight! – Bitcoin Price Prediction Today

Insane Bitcoin PUMP: $35 Million in Shorts OBLITERATED Overnight! – Bitcoin Price Prediction Today

October 2, 2023
As Bonk, Pepe, Memecoin token prices rise, Memeinator gains traction

As Bonk, Pepe, Memecoin token prices rise, Memeinator gains traction

November 18, 2023
BITCOIN WHALE JUST BOUGHT $150 MILLION!! Bitcoin News Today & Ethereum Price Prediction (BTC & ETH)

BITCOIN WHALE JUST BOUGHT $150 MILLION!! Bitcoin News Today & Ethereum Price Prediction (BTC & ETH)

September 25, 2023
Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)

Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)

43
Buy Solana or Cardano? BlackRock Ethereum ETF Coming? Best Crypto to Invest in?

Buy Solana or Cardano? BlackRock Ethereum ETF Coming? Best Crypto to Invest in?

21
All about cash app crypto scams! | bitcoin scams | bitcoin scams | crypto scam | cash app bitcoin

All about cash app crypto scams! | bitcoin scams | bitcoin scams | crypto scam | cash app bitcoin

28
WATCH THESE Coins! Crypto Sectors For The Next Bull Run!!

WATCH THESE Coins! Crypto Sectors For The Next Bull Run!!

45
🚀GET RICH WITH CRYPTO | Crypto Price Predictions 2025

🚀GET RICH WITH CRYPTO | Crypto Price Predictions 2025

29
The Sword Art Online Full Dive Nervegear is HERE! 2023

The Sword Art Online Full Dive Nervegear is HERE! 2023

21
Mystery deepens over Agnelli dynasty’s missing art

Mystery deepens over Agnelli dynasty’s missing art

December 4, 2023
Robert Kiyosaki Avocates Bitcoin Investment Amid Political Discontent

Robert Kiyosaki Avocates Bitcoin Investment Amid Political Discontent

December 4, 2023
Bitcoin Price Prediction: BTC Crashes Through $41K Barrier After 11% Surge That Underscores The Massive Potential Of This Bitcoin Cloud Mining Platform

Bitcoin Price Prediction: BTC Crashes Through $41K Barrier After 11% Surge That Underscores The Massive Potential Of This Bitcoin Cloud Mining Platform

December 4, 2023
🔴Crypto Spring is Here? | This Week in Crypto – Dec 4, 2023

🔴Crypto Spring is Here? | This Week in Crypto – Dec 4, 2023

December 4, 2023
Bitcoin Cash Price Pumps Over 10% But $255 Is The Key To More Gains

Bitcoin Cash Price Pumps Over 10% But $255 Is The Key To More Gains

December 4, 2023
Gate.io Not Giving Me My Crypto – MMCrypto (Influencer Complained)

Gate.io Not Giving Me My Crypto – MMCrypto (Influencer Complained)

December 4, 2023
Crypeto News

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Crypeto News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

LATEST UPDATES

  • Mystery deepens over Agnelli dynasty’s missing art
  • Robert Kiyosaki Avocates Bitcoin Investment Amid Political Discontent
  • Bitcoin Price Prediction: BTC Crashes Through $41K Barrier After 11% Surge That Underscores The Massive Potential Of This Bitcoin Cloud Mining Platform
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In