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Thai Regulators Revoke Zipmex’s Crypto License
Cryptocurrency exchange Zipmex has lost its trading license after Thai authorities found the exchange had repeatedly failed to comply with orders.
Thai cryptocurrency exchange Zipmex lost his business license after the Securities and Exchange Commission (SEC) found the exchange had repeatedly failed to comply with regulatory orders.
In a June 11 press release, the SEC announced that the revocation of Zipmex’s license followed concerns about the company’s financial instability and poor management. Despite several directives to correct these problems, Zipmex failed to comply within the established timeframe, prompting the SEC to recommend that Thailand’s Ministry of Finance revoke the company’s license.
The Ministry’s decision requires Zipmex to immediately cease crypto operations and transfer customer assets to them within 15 days. If customers do not reclaim their assets within the period, Zipmex must file them within 30 days and report each step of the process to the SEC. As of this writing, Zipmex has made no public statements on the matter.
Founded in 2018, Singapore-based Zipmex stopped its business in Thailand in November 2023, facing sanctions from the SEC for allegedly misusing a cryptocurrency custody service and for referring customers to the Singapore-based Zipmex Pte exchange, creating a conflict of interest. Zipmex also operates in Australia and Indonesia.
Beyond the regulatory challenges in Thailand, Zipmex’s rehabilitation plan has stalled significantly losses exceed $50 million due to its exposure to the failures of Babel Finance and Celsius Network in 2022.