Thailand’s Finance Minister has revoked the license for the digital asset business of crypto exchange Zipmex, following the recommendation of the country’s Securities and Exchange Commission (SEC). This repeal took effect today.
Concerns about the company’s financial condition
The decision was reportedly made due to concerns about the company’s financial condition and management structure, which could potentially harm customers. A recent SEC report revealed that Zipmex, which was licensed as a trading center and broker for digital assets, failed to meet the standards of the 2018 Digital Asset Decree. The deficiencies concerned both its financial condition and management, raising doubts about its ability of the company to operate efficiently and responsibly.
In January, Zipmex was ordered by the SEC committee to restore its operations, but the company failed to do so within the deadline. Subsequently, in February, the SEC committee ordered the crypto operations to be suspended and several operational issues to be addressed, including returning assets to customers upon request.
After further review on February 21, the SEC committee concluded that Zipmex had not only ignored the initial orders, but also failed to make required corrections. This led to the recommendation to the Minister of Finance to revoke Zipmex’s license and order the cessation of its digital asset business.
Zipmex is now required to return assets to customers within 15 days. If customers do not claim their assets within this period, Zipmex must store them in a secure system within 30 days and report each step immediately to the SEC.
Source: https://newsbit.nl/ministerie-van-financien-van-thailand-trekt-licentie-van-cryptobeurs-zipmex-in/
