Thailand’s Securities and Exchange Commission (SEC) has revoked the operating licenses of cryptocurrency exchange Zipmex following prolonged regulatory scrutiny.
On June 11, the SEC announced that Zipmex was no longer authorized to operate as a digital asset exchange and cryptocurrency broker in Thailand, effective from May 28. This decision came after the regulator had ordered Zipmex to suspend its services to Thai users in February. The suspension was intended to give the exchange time to “correct its financial position and operational deficiencies.” However, the Finance Minister found that Zipmex had not complied with these orders.
The SEC stated, “Zipmex is required to return assets to its clients or proceed according to their clients’ requests. If any clients do not notify their requests or claim their assets, Zipmex must deposit the unclaimed assets in a trusted and secure system and must report its proceedings, step by step, to the SEC without delay.”
This move underscores the SEC’s commitment to ensuring compliance and protecting investors in Thailand’s burgeoning cryptocurrency market.
Summary Review: The revocation of Zipmex’s licenses by Thailand’s Securities and Exchange Commission highlights the stringent regulatory measures being enforced in the country’s cryptocurrency sector. Despite being given the opportunity to address its financial and operational issues, Zipmex failed to comply with the SEC‘s orders, resulting in the loss of its authorization to operate. The SEC’s directive for Zipmex to return assets to its clients or secure them underscores the regulator’s focus on protecting investors and maintaining the integrity of the financial system. This action serves as a clear reminder of the importance of regulatory compliance for all cryptocurrency exchanges operating in Thailand.
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