After months of regulatory review, Thailand’s Securities and Exchange Commission canceled it

After months of regulatory scrutiny, the Securities and Exchange Commission of Thailand (SEC) has revoked the operating licenses of cryptocurrency exchange Zipmex.

In a June 11 announcement, the SEC said Zipmex was no longer authorized to operate as a digital asset and cryptocurrency exchange broker in Thailand as of May 28. The regulator ordered Zipmex to suspend its services to Thai users in February so it could “correct its financial situation and operational deficiencies.” However, the Minister of Finance decided that the Stock Exchange “continues to contravene” the orders.

“Zipmex is required to return the assets to its customers or to proceed in accordance with its customers’ requests,” the SEC said. “If a customer fails to notify its orders or claim its assets, Zipmex must deposit the unclaimed assets in a reliable and secure system and must report its actions, step by step, to the SEC without delay.”

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After the cryptocurrency market declined in 2022, Zipmex faced regulatory scrutiny from the Securities and Exchange Commission. The exchange was reportedly under investigation over an acquisition by V Ventures and whether it was operating in Thailand without regulatory approval. Zipmex suspended operations in November 2023, saying the move was an attempt to comply with regulations.

The Singapore-based exchange was first licensed by Thailand’s Securities and Exchange Commission in 2020, applied for debt relief two years later and owes $97 million to its customers. In November 2023, Zipmex reportedly said it was prepared to offer 3.35 cents on the dollar to creditors for initial claims as part of the restructuring efforts.

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