The Thai SEC has proposed revoking the license of troubled exchange Zipmax

Thailand's Securities and Exchange Commission Board (SEC) has submitted a proposal to the Ministry of Finance to revoke crypto exchange Zipmax's digital asset trading license, it announced on February 23. .

In the year Keep unclaimed assets in a “trusted and secure system” and report them to the SEC. According to the agency:

“Even after the license is revoked, Zipmax will retain its status as a limited company with associated rights, responsibilities and liabilities, including the possibility of legal action.

This action comes after Zipmax failed to meet deadlines to increase its net capital and improve its staff and management structure, which the SEC found to be “inappropriate and inadequate”. Ge Zipmex was given 15 days to comply with the SEC on February 1. It is ordered to stop business operations. The SEC announced on February 8 that it is charging former Zipmax CEO Akalarp Yimvilay with corruption.

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The problems of the exchange They started in 2022. In the year On July 20, 2010, exposure to crypto lenders Babel and Celsius halted withdrawals for weeks due to bankruptcy. Zipmax restored access to its business wallet three days later, but its Z Wallet remains suspended until next year.

The SEC has decided to advise the Finance Minister to consider revoking the license of Zipmax Company Limited as a digital asset trading operator. pic.twitter.com/9JVykCQHL5

— AC NEWS (@AcNewsMagOnline) February 23, 2024

Coinbase made an unsuccessful attempt to acquire Zipmax in 2022. Coinbase ended up making a “strategic investment” of an undisclosed amount, but was not listed in the exchange's top three investors in a report in August.

Zipmax in 2010 He filed for debt relief in Singapore on July 27, 2022. In September 2022, the SEC recommended police action against Zipmax for failing to provide information under the country's Digital Assets Act. It faces further scrutiny from the SEC next January as it prepares to buy V Ventures from Thai investors. That deal is also broken.

The SEC licensed Zipmax in January 2020. The exchange operates in Thailand, Indonesia, Singapore and Australia.

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