After undergoing extensive regulatory scrutiny, the Securities and Exchange Commission (SEC) of Thailand has officially revoked two licenses belonging to the cryptocurrency exchange Zipmex.
In a statement released on June 11, the SEC declared that Zipmex is no longer permitted to function as a digital asset exchange and broker for cryptocurrencies in Thailand, effective as of May 28. The regulator had previously instructed Zipmex to halt its services to Thai users back in February until it rectified its financial standing and operational shortcomings. Despite these directives, the finance minister determined that the exchange had failed to comply, leading to the revocation of its licenses.
The SEC emphasized that Zipmex must now return assets to its clients or follow their instructions accordingly. Any unclaimed assets must be securely deposited and reported to the SEC in a timely manner.
Following the downturn in the crypto market in 2022, Zipmex came under the SEC’s radar. The exchange was being investigated over its acquisition by V Ventures and its alleged operation in Thailand without proper regulatory authorization. Zipmex had suspended trading in November 2023 in an effort to meet regulatory requirements.
Originally licensed by the Thai SEC in 2020, the exchange, based in Singapore, filed for debt relief two years later owing customers a reported $97 million. In November 2023, Zipmex expressed its willingness to settle debts by offering creditors $0.0335 per dollar for initial claims as part of its restructuring plan.
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