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Thailand Revokes Zipmex License Amid Regulatory Failures

2024/06/11 15:07

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Thailand Revokes Zipmex’s License After Compliance Failures

On May 28, Thailand’s Ministry of Finance revoked Zipmex’s digital asset business license, acting on recommendations from the Securities and Exchange Commission (SEC). This decision followed the exchange’s repeated failures to comply with regulatory directives.

In a statement on Monday, the SEC detailed its concerns. Firstly, it highlighted issues regarding the firm’s financial health, suggesting potential risks to customers. Secondly, it criticized Zipmex’s management structure and staffing as insufficient for running the business responsibly and adhering to regulations.

Earlier this year, Zipmex faced scrutiny from Thai regulators. In January, the SEC identified problems with the exchange's finances and management. The SEC ordered the company to make necessary changes, but Zipmex failed to comply. As a result, the SEC temporarily suspended its trading and brokerage services in February, giving the company a brief period to address the issues.

Zipmex did not respond to Cryptonews' request for comment by press time.

SEC Investigation and Subsequent Actions

The situation worsened when the SEC launched an investigation, accusing former CEO Akarlap Yimwilai of fraud and deception. The investigation revealed that Zipmex had transferred customer funds from Thai wallets to overseas accounts without prior notification to regulators, contradicting earlier information provided by the exchange and raising serious trust issues.

Despite the suspension and deadline, Zipmex failed to resolve the compliance issues. By February 21, the SEC concluded that the exchange had not made the necessary operational changes.

The SEC has now set strict guidelines for Zipmex regarding customer asset management. Zipmex is required to return assets to customers within 15 days. If customers do not claim their assets, Zipmex must secure them in a reliable system and report each step of this process to the SEC promptly.

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