Following months of government investigation, Thailand’s Securities and Exchange Commission (SEC) has canceled two operational licenses for Zipmex, a bitcoin exchange.

License Cancellation of Zipmex

In a June 11 notification, the SEC announced that, as of May 28, Zipmex was no longer approved to run as a digital asset exchange and broker for cryptocurrencies in Thailand. The regulator told Zipmex to stop providing services to Thai customers in February until it could “correct its financial position and operational shortcomings.” The Finance Minister decided, however, that the trade was “still in contravention” of the directives.

The SEC stated, “Zipmex is required to return assets to its clients or proceed according to their requests.” “If any clients do not notify their requests or claim their assets, Zipmex must deposit the unclaimed assets in a trusted and safe system and must report its proceedings, step by step, immediately to the SEC.”

Investigations and Financial Troubles

The SEC was investigating Zipmex following the fall in the crypto market in 2022. The trade allegedly underwent an investigation into an acquisition by V Ventures and whether it had been running in Thailand without official permission. Saying that the action was an effort to follow rules, Zipmex ceased trading in November 2023.

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Originally licensed by the Thai SEC in 2020, the Singapore-based exchange apparently owed debt relief two years later for $97 million, having first registered with According to Zipmex, as of November 2023, as part of its restructuring activities, it was ready to offer creditors 3.35 cents per dollar for initial claims.

Future Steps of Zipmex

As Zipmex navigates the aftermath of these cancellations, the exchange must focus on complying with the SEC’s directives, ensuring that clients’ assets are either returned or securely managed. This decision highlights the regulatory challenges facing cryptocurrency exchanges and the importance of maintaining robust financial and operational practices.

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