Revocation of license from crypto exchange Zipmex in Thailand

10.06.2024

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The Securities and Exchange Commission of Thailand (SEC) stated that the administration of Zipmex failed to comply with the regulator’s requirements for business restructuring and removed itself from solving problems. According to officials, the situation has significantly deteriorated and indicates risks for the exchange’s clients.

In accordance with the SEC’s decision, Zipmex exchange is obliged to:

Immediately cease all operations with digital assets.
Be prepared to return funds to clients within 15 days from the date of license revocation.
Transfer assets to secure storage if clients do not demand their funds within the specified period.
Immediately report to the SEC about each request for funds withdrawal.

Accusations against former Zipmex CEO

The Thai SEC accused Zipmex’s former CEO, Akalarp Yimwilai, of fraud and deceiving clients. The Commission discovered that the exchange transferred client funds from Thai wallets to foreign accounts without prior notification to regulatory authorities.

Consequences for Zipmex clients

The revocation of Zipmex’s license may lead to significant difficulties for the exchange’s clients in accessing their funds. However, the Thai SEC seeks to protect investors’ interests by requiring Zipmex to return assets in a timely manner and maintain transparency regarding withdrawal requests.

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