Thailand: Issued ruling in SEC investigation into Zipmex revoking its digital asset business license

On 10 June 2024, the Securities and Exchange Commission (SEC) issued a ruling against the cryptocurrency exchange Zipmex, revoking its digital asset business license. The decision was based on Zipmex's compromised financial condition, inadequate management structure, and failure to comply with regulatory directives under the Emergency Decree on Digital Asset Businesses BE 2561. The SEC noted that despite multiple orders to rectify operations and suspend business until compliance was achieved, Zipmex did not meet the requirements within specified deadlines. Consequently, the Minister of Finance acted on the SEC Board's recommendation to revoke Zipmex's licenses while the company retains its status as a limited liability entity with ongoing legal responsibilities.