Zipmex’s licenses revoked by the Thai SEC for violation of directives.

The cryptocurrency exchange was found to be “still in contravention” of the SEC’s February orders, according to Thailand’s Finance Minister.

The Securities and Exchange Commission (SEC) of Thailand has revoked two of the cryptocurrency exchange Zipmex’s operating licenses following months of regulatory scrutiny.

In a June 11 notification, the SEC claimed Zipmex was no longer authorized to operate as a digital asset exchange and broker for cryptocurrencies in Thailand as of May 28. The regulator ordered Zipmex to cease its services to Thai users in February until it could “correct its financial position and operational deficiencies.” The exchange was, in the Finance Minister’s opinion, “still in contravention” of the directives.

The SEC stated that Zipmex must either restore assets to its clients or carry out their requests. “Zipmex must deposit the unclaimed funds in a reliable and secure system and promptly disclose its actions, step-by-step, to the SEC if any clients fail to inform their requests or claim their assets.

Use Markets Pro’s fast alerts to trade wisely. Get your 65% off right now! The SEC was monitoring Zipmex’s operations after the 2022 crypto market crash. According to reports, the exchange was the subject of an investigation over a V Ventures acquisition and whether or not it had been doing business in Thailand without a license. In November 2023, Zipmex announced a suspension of trade, citing an effort to adhere to regulatory requirements.

The Singapore-based exchange applied for debt relief two years after receiving its first license from the Thai SEC in 2020, allegedly owing clients $97 million. As part of its restructuring efforts, Zipmex reportedly stated as of November 2023 that it was willing to provide creditors 3.35 cents per dollar for initial claims.