The Thai Minister of Finance has officially revoked Zipmex’s digital asset exchange and broker licenses, as declared by the Securities and Exchange Commission (SEC) of Thailand on Monday. The decision, which was endorsed by the Thai SEC Board, came into effect on May 28, 2024. This action was taken due to concerns regarding Zipmex’s financial stability, inadequate management structure, and lack of sufficient personnel, posing a potential risk to the public.
Zipmex, which was originally licensed under the Emergency Decree on Digital Asset Businesses, failed to address the issues highlighted by the SEC Board on January 11, as well as subsequent deadlines in February. Despite repeated directives from the SEC, Zipmex did not comply with the necessary measures and was unable to return assets to clients within the specified timeframes. Consequently, the SEC Board recommended the revocation of Zipmex’s licenses.
Following the revocation, Zipmex is required to return clients’ assets or secure unclaimed assets in a secure system, and provide a detailed report of the process to the SEC. Despite losing its licenses, Zipmex still retains its status as a limited company, and must fulfill certain obligations and liabilities as stipulated by law.
