TechFlow News: On May 28, Thailand's Ministry of Finance revoked Zipmex's digital asset business license due to the exchange's failure to comply with directives from the Securities and Exchange Commission (SEC).
The SEC stated that concerns regarding Zipmex's financial condition and management structure could potentially harm customer interests.
Earlier, in January, the SEC had identified financial and managerial issues and required corrective actions. However, Zipmex failed to comply, resulting in the suspension of its trading and brokerage services in February. Subsequently, the SEC discovered that Zipmex had transferred customer funds to overseas accounts without prior notification, further intensifying the trust crisis. By February 21, the SEC confirmed that Zipmex had still not resolved its compliance issues.
