Zipmex

The Securities and Exchange Commission Board of Thailand (SEC) has delivered a significant blow to cryptocurrency exchange Zipmex, as it recommends the revocation of the platform’s digital asset business license. This decision, disclosed on February 23, marks the latest setback for Zipmex in a series of challenges faced within the Thai regulatory landscape.
As reported earlier by TheCoinRise, the<a href="https://thecoinrise.com/former-zipmex-ceo-charged-by-thai-sec-for-misleading-investors/" rel="noopener noreferrer nofollow"> Thai SEC charged Zipmex for allegedly misleading investors</a> with information related to the use of their digital assets.
<h2 id="span-style-font-weight-400-thai-sec-to-revoke-zipmex-s-license-span">Thai SEC to Revoke Zipmex’s License</h2>
During a meeting held on February 21, the Thai SEC not only upheld the business suspension imposed on Zipmex since February 1 but also extended an opportunity for clients to<a href="https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10590&amp;NewsNo=10590&amp;NewsYear=10590&amp;Lang=10590" rel="noopener noreferrer nofollow"> request</a> the return of their assets on the exchange until March 11.&nbsp;
Following this deadline, any unclaimed assets will be mandated to be placed in a “trusted and secured system,” with Zipmex obligated to report this action to the SEC. Despite the revocation of its license, Zipmex will retain its status as a limited company, retaining associated rights, responsibilities, and liabilities, potentially making it susceptible to legal action.
“Even after the effective revocation of its license, Zipmex retains its status as a limited company with corresponding rights, responsibilities, and liabilities, including the possibility of being subject to legal action,” said the regulator.&nbsp;
<h3 id="span-style-font-weight-400-failure-to-meet-requirements-span">Failure to Meet Requirements</h3>
This latest development follows Zipmex’s failure to meet the Thai SEC’s requirements, which included increasing its net capital and enhancing its personnel and management structure. The SEC deemed the efforts in these areas “inappropriate and insufficient.”&nbsp;
On February 1, the regulatory body granted Zipmex a 15-day window to comply with its directives, subsequently ordering the suspension of the exchange’s business operations. Further complicating matters, former Zipmex CEO Akalarp Yimwilai was charged with corruption by the SEC on February 8.
<h2 id="span-style-font-weight-400-withdrawal-halts-span">Withdrawal Halts</h2>
Zipmex’s troubles extend back to 2022, when, on July 20, the exchange suspended withdrawals for an extended period due to concerns surrounding its exposure to crypto lenders Babel and Celsius, both grappling with impending bankruptcy.&nbsp;
While Zipmex managed to<a href="https://thecoinrise.com/troubled-crypto-exchange-zipmex-to-reportedly-resume-partial-crypto-withdrawals/" rel="noopener noreferrer nofollow"> reinstate access to Trade Wallets</a> after three days, Z Wallets remained inaccessible into the following year.
<h3 id="span-style-font-weight-400-thai-sec-charged-former-zipmex-exec-span">Thai SEC Charged Former Zipmex Exec</h3>
Akalarp Yimwilai, the former chief executive of the crypto exchange based in Singapore, was charged by the Thai SEC for allegedly misleading investors with information related to the use of their digital assets.
Akalarp purportedly<a href="https://thecoinrise.com/former-zipmex-ceo-charged-by-thai-sec-for-misleading-investors/" rel="noopener noreferrer nofollow"> disseminated misleading information</a> concerning the transfer of assets from user Z wallets to overseas crypto wallets, said the regulator.
The post <a href="https://thecoinrise.com/thai-sec-seeks-to-revoke-zipmexs-license-details/" rel="noopener noreferrer nofollow">Thai SEC Seeks to Revoke Zipmex’s License: Details</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Thai SEC Seeks to Revoke Zipmex’s License: Details

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