The Asian digital asset exchange was hit hard by the crypto winter and is finding recovery difficult.
The Securities and Exchange Commission Board of Thailand (SEC) has forwarded a recommendation to the Finance Ministry to revoke crypto exchange Zipmex’s digital asset business license, it announced on Feb. 23. This is the latest in a series of setbacks in Thailand for the exchange.
At a meeting on Feb. 21, the SEC also resolved that Zipmex’s business suspension, imposed on Feb. 1, would continue and clients could request the return of their assets on the exchange through March 11. After that date, Zipmex will be required to place unclaimed assets in a “trusted and secured system” and report it to the SEC. The agency noted:
This move comes after Zipmex failed to meet a deadline to increase its net capital and improve its personnel and management structure, which the SEC had found to be “inappropriate and insufficient.” On Ge Zipmex was given 15 days to comply with the SEC on Feb. 1. It was ordered to suspend business operations at that time. The SEC said it was charging former Zipmex CEO Akalarp Yimwilai with corruption on Feb. 8.
