# SEC ask for revocation of Zipmex digital asset business license

- Link: https://www.thailand-business-news.com/crime/128600-sec-ask-for-revocation-of-zipmex-digital-asset-business-license
- Published: 2024-02-29T17:26:10+07:00
- Author: Li Zhong

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The Securities and Exchange Commission Board (SEC Board) has passed a resolution
to recommend the revocation of digital asset business license of Zipmex Co., Ltd.(
Zipmex) for the Minister of Finance’s consideration.

Meanwhile, as long as Zipmex continues its business operations, the company is subject
to business suspension and is required to return assets to its clients or proceed
as per their requests. If the clients do not claim their assets, Zipmex must deposit
them in a trusted and secure system to protect the clients’ interests.  

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Due to its failure to maintain net capital in compliance with the governing law 
and its inappropriate and insufficient management structure and personnel, Zipmex
may be liable to offenses related to client assets, which may potentially harm public
interests. Therefore, in its meeting on 1 February 2024, the SEC Board, by virtue
of Section 35, Paragraph 2, of the Emergency Decree on Digital Asset Businesses 
B.E. 2561 (2018) (the Digital Asset Business Law), resolved to suspend Zipmex business
operations and instructed the company to fully rectify its operations within 15 
days. However, upon the rectification deadline, Zipmex failed to solve its deficiencies.

Therefore, at its meeting on 21 February 2024, the SEC Board passed the following
resolutions:    

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          (1) By virtue of Section 35, Paragraph 2, of the Digital Asset Business
Law, specifying    additional conditions to protect the clients’ interests whereby
Zipmex business suspension must continue throughout the time when the company is
in operation, and the clients’ assets must be returned or proceeded as per the clients’
requests within 15 days from the date when the SEC notifies the company in writing
of the SEC Board’s resolutions. (The deadline falls on 11 March 2024).
         
In the event that any client does not notify his or her intention or claim assets
within deadline, Zipmex must arrange for the deposit of the client’s assets in a
trusted and secure system within 30 days from the deadline under (1) and must report
each procedural step of its action for the SEC’s information without delay.    

           (2) By virtue of Section 35, Paragraph 3, of the Digital Asset Business
Law, recommending the revocation of Zipmex digital asset business license for the
Minister of Finance’s consideration.  

In any event, Zipmex remains a digital asset business operator under the SEC’s supervision
and is required to comply with the Digital Asset Business Law along with any relevant
rules and regulations established under the law. This requirement remains in effect
until the Minister of Finance approves the revocation of the company’s license. 
However, 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.

In this regard, Zipmex clients may contact the company to retrieve own assets deposited
with the company through Zipmex’s official communication channels. Further inquiries
may be sent to the SEC Complaint Center via Hotline 1207 ext. 8, or email: info@
sec.or.th, or Facebook Page: “SEC Office”, or SEC Live Chat at [www.sec.or.th](http://www.sec.or.th/).

**Source** : [SEC Board resolves to propose the revocation of Zipmex digital asset business license for Finance Minister’s consideration](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10590&rand=40)