Thai Finance Minister Revokes Crypto Exchange Zipmex's Licenses

The Securities and Exchange Commission (SEC) of Thailand announced Monday that the Thai Minister of Finance has revoked Zipmex’s digital asset exchange and broker licenses effective May 28, 2024. This decision, which followed the Thai SEC Board’s recommendation, was based on concerns over the crypto trading platform’s financial stability, inadequate management structure, and insufficient personnel, which could harm the public. Zipmex, licensed under the Emergency Decree on Digital Asset Businesses, failed to rectify its operations as ordered by the SEC Board on Jan. 11, and subsequent deadlines in February. The SEC Board proposed the revocation after Zipmex’s continued non-compliance and inability to return assets to clients within the required timeframes. Zipmex must now return clients’ assets or secure unclaimed assets in a trusted system and report the process to the SEC. Although licenses are revoked, Zipmex remains a limited company, retaining certain responsibilities and liabilities.