Due to operational issues, Thailand’s Securities and Exchange Commission (SEC) Board has passed resolutions regarding embattled cryptocurrency exchange Zipmex. The SEC has ordered Zipmex to continue suspending business operations.
In addition to the suspension, Zipmex must return client assets or proceed as per client requests within 15 days. If clients do not claim assets by March 11th, Zipmex must deposit them into an SEC-approved custodial system within 30 days.Â
The SEC Board also recommended revoking Zipmex’s digital asset business license to the Minister of Finance. Zipmex remains under SEC supervision and must comply with all regulations until a potential license revocation.
Zipmex continues operating as a private company. Clients can contact Zipmex to retrieve deposited assets. Even if its license is revoked, Zipmex retains rights and obligations as a corporate entity.
The resolutions prioritize client asset protection given Zipmex’s failure to maintain adequate capital reserves. The outlook remains uncertain for the exchange amidst heightened regulatory scrutiny and license uncertainty.
Also Read: Zipmex Races Against SEC’s 15-Day Compliance Deadline
