Zipmex, a cryptocurrency exchange, has lost its business license in Thailand after failing to meet regulatory requirements. The Thai Securities and Exchange Commission (SEC) revoked Zipmex’s license due to concerns about the company’s financial stability and management practices.

In a press release on June 11, the SEC stated that Zipmex did not comply with several directives aimed at addressing these issues. Consequently, the SEC recommended that Thailand’s Ministry of Finance revoke the exchange’s business license.

The Ministry’s decision requires Zipmex to cease crypto operations immediately and transfer customers’ assets back to them within 15 days.

Customers who don’t claim their assets within this period will have their assets stored by Zipmex within 30 days, with each step reported to the SEC. As of now, Zipmex has not made any public statements regarding the license revocation.

Founded in 2018 and headquartered in Singapore, Zipmex halted its trading operations in Thailand in November 2023. The SEC penalized the exchange for alleged misuse of a crypto custodian service and for directing customers to its Singapore-based counterpart, Zipmex Pte, creating a conflict of interest. Zipmex also has operations in Australia and Indonesia.

Beyond regulatory issues in Thailand, Zipmex’s rehabilitation efforts have faced setbacks. The exchange reported losses exceeding $50 million due to its exposure to the bankruptcies of Babel Finance and Celsius Network in 2022.

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