# Zipmex’s digital asset exchange and broker licenses revoked (SEC News)

- Link: https://www.thailand-business-news.com/cryptocurrencies/145654-zipmexs-digital-asset-exchange-and-broker-licenses-revoked-sec-news
- Published: 2024-06-12T08:19:48+07:00
- Author: SiamNews PR

**Zipmex’s digital asset business licenses were revoked by the Minister of Finance
due to financial instability and inadequate management. Clients can retrieve assets
through official channels or contact the SEC.**

---

Bangkok, 10 June 2024 – The Minister of Finance, upon the SEC Board’s recommendation,
has revoked Zipmex’s digital asset business licenses, effective on 28 May 2024. 
The decision was made because the company’s financial condition may cause damage
to the public and its management structure and personnel are inappropriate and insufficient
for efficient and responsible business operations in accordance with the rules, 
conditions and procedures, as ordered by the SEC Board.

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The SEC observed that Zipmex, a licensed digital asset exchange and broker under
the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), was in a financial
state potentially harmful to clients, with a management and staff deemed unsuitable
for effective and accountable operations as per the established regulations. Consequently,
based on Section 35, Paragraph 1 of the Decree, the SEC Board mandated operational
amendments on 11 January 2024. Zipmex’s failure to comply within the given period
led to a further resolution on 1 February 2024, under Section 35, Paragraph 2, directing
Zipmex to halt operations and fulfill the required adjustments within a new deadline.
Moreover, the SEC Board required Zipmex to process client asset returns upon request.

Subsequently, at the meeting on February 21, 2024, the SEC Board determined that
Zipmex had not adhered to the required corrective measures. As a result, the SEC
Board decided to recommend the revocation of Zipmex’s digital asset exchange and
broker licenses to the Minister of Finance for consideration. Moreover, the SEC 
Board mandated Zipmex to halt its operations and return assets to its clients or
act according to their instructions within a 15-day period. Should any clients fail
to communicate their preferences or retrieve their assets by the deadline, Zipmex
is obliged to secure the unclaimed assets in a reliable and protected system within
30 days following the 15-day period’s conclusion. In addition, Zipmex is required
to promptly report its actions in detail to the SEC.

The Minister of Finance, based on the SEC Board’s recommendation, has revoked Zipmex’s
digital asset exchange and broker licenses for contravening the SEC Board’s orders
under the Emergency Decree. Zipmex is required to return assets to its clients or
follow their instructions. Unclaimed assets must be deposited in a trusted system
and reported to the SEC.

After the effective revocation of its licenses, Zipmex retains its status as a limited
company with corresponding rights, responsibilities and liabilities, including the
possibility of being subject to
legal action. Zipmex clients may contact the company
to retrieve own assets 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/).

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**Source** : [Zipmex’s digital asset exchange and broker licenses revoked](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10850&rand=113627)