According to ChainCatcher, the Thai Ministry of Finance revoked Zipmex's digital asset business license on May 28 because the exchange failed to comply with the instructions of the Securities and Exchange Commission (SEC).
The SEC said that Zipmex's financial situation and management structure were problematic and could harm customer interests.
Previously, the SEC pointed out its financial and management problems in January and asked for rectification, but Zipmex failed to comply, resulting in its trading and brokerage services being temporarily suspended in February. Subsequently, the SEC found that Zipmex transferred customer funds to overseas accounts without notice, further exacerbating the crisis of trust. By February 21, the SEC confirmed that Zipmex had not yet resolved compliance issues.