After months of regulatory scrutiny, the Thai Securities and Exchange Commission (SEC) has revoked two operating licenses of cryptocurrency exchange Zipmex.

In an announcement on June 11, the SEC said Zipmex is no longer authorized to operate as a digital asset exchange and cryptocurrency broker in Thailand as of May 28.

The regulator ordered Zipmex to stop providing services to Thai users in February to “correct its financial situation and operational deficiencies.” However, the Treasury Secretary determined that the exchange “still violates” these orders.

“Zipmex must return assets to its customers or comply with customer requests,” the SEC said. “If any customer fails to notify a request or claim its assets, Zipmex must deposit the unclaimed assets into a reliable and secure system and must report its progress, step by step one, to the SEC without delay.”

Following the 2022 cryptocurrency market crash, Zipmex came under scrutiny from the SEC. The exchange is said to have been under investigation over its acquisition by V Ventures and whether it operated in Thailand without regulatory approval. Zipmex suspended trading in November 2023, saying the move was to comply with regulations.

First licensed by the Thai SEC in 2020, the Singapore-based exchange applied for debt relief two years later, reportedly owing customers $97 million. As of November 2023, Zipmex reportedly offered to pay $0.0335 per dollar of initial creditor claims as part of its restructuring efforts.

https://tapchibitcoin.io/sec-thai-lan-thu-hoi-giay-phep-cua-san-zipmex-sau-khi-khong-tuan-thu-cac-lenh.html