Thailand Goes Ballistic on Crypto Ads After Zipmex Disaster

Thailand Goes Ballistic on Crypto Ads After Zipmex Disaster
  • Thailand has enforced stricter guidelines on advertisements by crypto companies that operate in the country.
  • The move aims to protect the interests of its citizens considered retail investors.
  • Some suspect that the country started to take drastic action after local crypto exchange Zipmex halted withdrawals.

Thailand has tightened its stance against advertisements related to cryptocurrency trading or investing, given the ongoing volatility in the crypto market. According to a Bloomberg article, the country aims to protect the interests of its citizens interested in investing in crypto.

In detail, Thailand now demands cryptocurrency-related companies that operate in the country to indicate clear and visible information regarding the risks associated with investing in crypto. What is more, crypto firms will only be allowed to advertise on official channels such as their website and social media handles.

Meanwhile, this is only one of the actions that the country’s Securities and Exchange Commission is looking to enforce to protect retail investors.

Aside from the current crypto market slump, one entity that some suspect to have contributed to the country’s position is Zipmex, a local crypto exchange. Specifically, the local exchange halted some withdrawals given the current crypto market situation.

Thailand now joins Singapore and some other countries in implementing strict regulations against ads related to crypto trading.

In other news, Rain Financial, a notable cryptocurrency exchange that operates in the Middle East, announced that it has laid off some of its staff in an attempt to weather the crypto situation. Crypto trading juggernaut Coinbase is one of the companies that support Rain Financial.

Interestingly, Coinbase has inked a partnership with multinational investment firm BlackRock. In fact, in the last 5 days, Coinbase’s stock has been surging by up to 30%.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.