As an experienced financial analyst, I’ve seen my fair share of regulatory issues within the crypto industry. The news that Zipmex has lost its business license in Thailand is a stark reminder of the importance of regulatory compliance and the potential consequences for non-compliance.
Troubled cryptocurrency platform Zipmex has had its business license revoked by Thai regulators due to multiple instances of non-compliance with their directives.
The SEC revoked the business license of Thai cryptocurrency platform Zipmex due to multiple non-compliance issues with regulatory instructions.
In a press release on June 11, the Securities and Exchange Commission (SEC) revealed that Zipmex’s license was being revoked due to financial instability and ineffective management. Despite receiving multiple instructions from the SEC to address these problems, Zipmex did not make the necessary corrections within the set deadline. As a consequence, the SEC suggested that Thailand’s Ministry of Finance take action and revoke Zipmex’s license.
As a crypto investor, I’ve received disappointing news from the Ministry that has mandated Zipmex to halt all cryptocurrency operations right away and return customers’ assets to them within fifteen days. If I, as a customer, fail to claim my assets during this period, Zipmex is required to keep them safe for an additional thirty days while reporting each step of the process to the SEC. However, at the moment of writing this, there have been no public statements from Zipmex regarding this matter.
Established in 2018, Zipmex – based in Singapore – suspended its Thai trading operations in November 2023. The Securities and Exchange Commission (SEC) imposed penalties on the company for suspected misuse of a crypto custodian service and for guiding clients towards the Singaporean exchange Zipmex Pte, creating a potential conflict of interest. Zipmex conducts business in Thailand, Australia, and Indonesia.
As an analyst, I would put it this way: My assessment reveals that Zipmex’s rehabilitation plan has encountered setbacks due to substantial losses exceeding $50 million incurred in 2022 as a result of their exposure to the bankruptcies of Babel Finance and Celsius Network.
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2024-06-11 12:21