Thai Government Revokes Zipmex Crypto Exchange Licenses in Regulatory Move
On Monday, the Thai Finance Minister revoked Zipmex’s digital asset exchange and broker licenses. Effective May 28, 2024, following the SEC Board’s recommendation.
The decision stemmed from concerns over Zipmex’s financial stability, inadequate management, and insufficient personnel. Despite being ordered to rectify its operations by the SEC Board on January 11, and missing subsequent deadlines, Zipmex remained non-compliant and failed to return assets to clients.
The SEC Board proposed revocation due to these persistent issues. Zipmex must now return clients’ assets or secure unclaimed assets in a trusted system and report the process to the SEC. Although its licenses are revoked, Zipmex retains certain responsibilities as a limited company.
Clever Robot News Desk 14th June 2024
