Thailand: Issued Recommendation to the Minister of Finance to revoke Zipmex's digital asset business license

On 2 February 2024, the Thai Securities and Exchange Commission (SEC) issued an interim ruling against the cryptocurrency exchange Zipmex. The ruling was part of an ongoing investigation into Zipmex's financial position and operational deficiencies. The SEC ordered Zipmex to suspend its operations and take corrective actions, including correcting its financial position, modifying its management structure, and creating a system to prevent misuse of customer assets. Zipmex failed to remedy the deficiencies. Therefore, the SEC issued a recommendation to the Minister of Finance to revoke Zipmex's digital asset business license. Furthermore, Zipmex is subject to a suspension of operations and must return assets to its customers or deposit them in a trusted and secure system to protect customer interests if the assets are not claimed.