The Securities and Exchange Commission of Thailand (SEC) announced that the administration of Zipmex had withdrawn itself and failed to comply with the regulator's requirements for business restructuring. The situation has deteriorated significantly and points to risks for customers, officials say. This prompted the SEC to recommend that the Thai Ministry of Finance urgently revoke the company's license.
In accordance with the decision of the regulator, the Zipmex exchange must immediately cease all operations with digital assets and be ready to return funds at the first request of customers within the next 15 days from the date of revocation of the license. If the clients do not claim their assets within this period, Zipmex is obliged to transfer the assets to some kind of secure storage and immediately inform the SEC about each withdrawal request.
The Thai SEC has accused former Zipmex CEO Akarlap Yimwilai of fraud and defrauding customers. The Commission found that the exchange transferred customer funds from Thai wallets to foreign accounts without prior notification to regulatory authorities.