Treasury revokes Zipmex license from digital asset trading center


Bangkok, The Finance Minister ordered the revocation of Zipmex from being a digital asset trading center and digital asset broker from 28 May 2024, urging him to expedite the transfer of assets back to customers or according to customer orders within 15 days.

The Minister of Finance, with the recommendation of the SEC, has ordered the revocation of the license to operate a digital asset business of Zipmex Company Limited (Zipmex) from May 28, 2024 due to having a financial position that may Cause damage to customers and the management structure and personnel that are not appropriate and sufficient to enable business operations to be carried out efficiently and responsibly in accordance with relevant criteria, methods and conditions as ordered by the Board of Directors. SEC

Due to Zipmex, which has received a digital asset business license in the category of a digital asset trading center. and digital asset broker, including cryptocurrencies and digital tokens. According to the Royal Decree on Digital Asset
Business Operations, B.E. 2018 (Digital Assets Decree), facts have been revealed to the Securities and Exchange Commission (SEC) that there is a financial situation that may cause Damage to customers and management structures and personnel that are not appropriate and adequate to enable efficient business operations With responsibility according to relevant criteria, methods and conditions. The SEC committee, in its meeting on January 11, 2024, passed a resolution ordering in accordance with Section 35, paragraph one of the Digital Assets Decree for Zipmex to amend its operations, but Zipmex was unable to amend it. Within the specified period, the SEC Committee, in its meeting on February 1, 2024, therefore passed a resolution ordering in accordance with Section 35, paragraph two of the Digital Assets Decree, ordering Zipmex to cease operating the asset business. digital and correct various operations to be completed within the specified period. Including ordering Zipmex to return the property according to th
e customer’s wishes.

The SEC Committee, at its meeting on February 21, 2024, considered that Zipmex had violated and failed to correct the above operations. According to the order of the SEC committee, it has resolved to make recommendations to the Minister of Finance. To consider revoking the license to operate a digital asset business in the category of a digital asset trading center. and Zipmex digital asset brokerage and ordered Zipmex to suspend further digital asset business. and must proceed with transferring the property back to the customer or according to the customer’s order within 15 days. If the customer does not notify the request or receive the property back within the specified period, Zipmex must arrange for the property to be deposited in a secure system within 30 days from the date of receipt. But the due date is 15 days above. along with reporting each step of the process to the SEC for acknowledgment without delay

The Minister of Finance, with the recommendations of the SEC, considered
that Zipmex still violated and was unable to comply with the conditions of the SEC’s order in accordance with Section 35, paragraph one and paragraph 2. Two of the Digital Assets Decree Therefore, by virtue of Section 35, paragraph three, of the Digital Assets Decree. Revoke the license to operate a digital asset business in the category of digital asset trading center. and Zipmex’s digital asset brokerage, effective from May 28, 2024, including allowing Zipmex to transfer assets back to customers or according to customer orders. If the customer does not come to report the request or receive the property back, Zipmex must arrange for the property to be deposited in a secure system, with Zipmex reporting each step of the operation to the SEC without delay.

Zipmex still maintains its status as a limited company with rights, duties and liabilities. You may also be sued according to law. Zipmex customers can contact to get their assets back through the company’s contact channels. If you have any questions, you c
an contact us for information at ‘Complaint and Whistleblower Center’ call 1207 press 8 or email info@sec.or.th or through the Facebook page ‘Office of the SEC’ or SEC Live Chat at the SEC website www.sec.or.th .

Source: Thai News Agency