Cryptocurrency exchange Zipmex loses its license in Thailand due to financial pressure

ChainCatcher news, on May 28, the Thai Ministry of Finance revoked Zipmex's digital asset business license due to the exchange's failure to comply with the Securities and Exchange Commission (SEC) directives.

The SEC stated that there were issues with Zipmex's financial condition and management structure, which could harm customer interests.

Previously, the SEC pointed out its financial and management issues in January and requested rectification, but Zipmex failed to comply, leading to a temporary suspension of its trading and brokerage services in February. Subsequently, the SEC discovered that Zipmex had transferred customer funds to overseas accounts without notification, further exacerbating the trust crisis. By February 21, the SEC confirmed that Zipmex had still not resolved its compliance issues.