Crypto Exchange Zipmex Loses Thai License Amidst Financial Strain

Thailand’s Ministry of Finance revoked Zipmex’s digital asset business license on May 28, following recommendations from the Securities and Exchange Commission (SEC). The action came after the exchange repeatedly failed to adhere to the regulator’s directives, according to a statement. In a statement on Monday, the SEC explained its decision. Earlier this year, Zipmex got into hot water with Thai regulators. In January, the SEC flagged issues with its finances and management structure. It ordered the company to make changes, but the exchange failed to comply. The SEC discovered that the exchange moved customer funds from its Thai wallets to overseas accounts.

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