The Thai SEC has revoked Zipmax’s licenses for not complying with orders.

After months of regulatory scrutiny, Thailand's Securities and Exchange Commission (SEC) has revoked two operating licenses for cryptocurrency exchange Zipmex.

In a June 11 announcement, the SEC said Zipmax has not been authorized to operate as a digital asset exchange and broker in Thailand since May 28. The regulator ordered Zipmax to suspend services to Thai users in February “until it corrects its financial position and operational deficiencies.” However, the Minister of Finance decided that the exchange “is still against the order”.

“Zipmex must proceed to return the assets to its customers or at the request of those customers,” the SEC said. “If any customers do not report their claims or claim their assets, Zipmax must place the unclaimed assets in a trusted and secure system and report the process step by step to the SEC without delay.”

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Following the 2022 crypto market crash, ZipMex was under regulatory scrutiny from the SEC. The exchange is reportedly under investigation for its purchase of V Ventures and its alleged deregulation in Thailand. Zipmax ceased trading in November 2023, citing the move as an attempt to comply with regulations.

First licensed by Thailand's SEC in 2020, the Singapore-based exchange reportedly owes clients $97 million two years later. In the year Starting in November 2023, Zipmax said it was willing to make an initial claim to creditors of 3.35 cents on the dollar as part of its restructuring effort.

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