The Securities and Exchange Commission (SEC) of Thailand has withdrawn two of the cryptocurrency exchange Zipmex’s operating licenses following months of regulatory examination. The SEC said on June 11 that, as of May 28, Zipmex was no longer permitted to function in Thailand as a cryptocurrency broker and digital asset exchange. In February, the regulatory body mandated that Zipmex cease providing services to Thai users until it could rectify its financial standing and operational shortfalls. The exchange was, in the Finance Minister’s opinion, “still in contravention” of the directives.
“Zipmex is required to return assets to its clients or proceed according to their clients’ requests,” said the SEC. “If any clients do not notify their requests or claim their assets, Zipmex must deposit the unclaimed assets in a trusted and secure system and must report its proceedings, step by step, to the SEC without delay.”
The SEC was monitoring Zipmex’s operations after the 2022 crypto market crash. 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. The Singapore-based exchange applied for debt relief two years after receiving its first license from the Thai SEC in 2020, allegedly owing clients $97 million. As part of its restructuring efforts, Zipmex reportedly stated as of November 2023 that it was willing to provide creditors 3.35 cents per dollar for initial claims.