Crypto Thailand

Thailand’s SEC Proposes to Revoke Crypto Exchange Zipmex’s License

The Securities and Exchange Commission Board (SEC Board) of Thailand has recommended the Minister of Finance to consider the revocation of the digital asset business license of crypto exchange Zipmex.

This recommendation comes after a thorough evaluation of Zipmex’s operations, highlighting concerns regarding the company’s compliance with legal financial standards and the sufficiency of its management structure.

The SEC Board’s resolution mandates that Zipmex suspend its business activities immediately and take necessary steps to return assets to its clients in accordance with their requests. Should clients fail to reclaim their assets within a specified timeframe, Zipmex is required to secure these assets in a trusted system to safeguard client interests.

This regulatory action follows Zipmex’s inability to maintain the required net capital and its deficient management, raising the potential risk of offenses related to client assets that could adversely affect the public interest. Despite being given a 15-day period to rectify these issues, Zipmex did not meet the SEC’s rectification demands by the deadline.

The SEC Board, invoking its authority under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), has enforced a continued suspension of Zipmex’s operations. The company must adhere to additional conditions aimed at protecting client interests, including the prompt return or processing of client assets.

Pending the Minister of Finance’s decision on the license revocation, Zipmex remains under the SEC’s oversight, obligated to comply with all applicable laws and regulations governing digital asset businesses. The company retains its status as a limited company, along with its rights and liabilities, which could include facing legal actions.

Zipmex clients seeking to recover their assets can reach out through the company’s official channels. For further assistance, the SEC has made its Complaint Center available through multiple communication platforms, ensuring support for affected clients.