Key takeaways:
- The SEC of Thailand has withdrawn two of the crypto exchange Zipmex’s operational licenses following months of regulatory scrutiny.
- The Finance Minister concluded that the trade was still outside the directives.
The Securities and Exchange Commission (SEC) of Thailand has withdrawn two of the crypto exchange Zipmex’s operational licenses following months of regulatory scrutiny.
The SEC said on June 11 that, as of May 28, Zipmex was no longer permitted to function in Thailand as a crypto broker and digital asset exchange.
In February, the regulator gave Zipmex the order to stop providing services to Thai users until it could improve its operational shortcomings and financial situation. The Finance Minister concluded that the trade was still outside the directives. The SEC stated:
“Zipmex is required to return assets to its clients or proceed according to their clients’ requests,”
The SEC was monitoring Zipmex’s operations after the 2022 crypto market crash.
According to reports, the exchange was the subject of an investigation over a V Ventures acquisition and whether or not it had been doing business in Thailand without a license. In November 2023, Zipmex announced a suspension of trade, citing an effort to adhere to regulatory requirements.
The Singapore-based exchange applied for debt relief two years after receiving its first license from the Thai SEC in 2020, allegedly owing clients $97 million. As part of its restructuring efforts, Zipmex reportedly stated as of November 2023 that it was willing to provide creditors with 3.35 cents per dollar for initial claims.
The Central Bank of Ireland has approved Crypto[.]com, an exchange based in Singapore, to operate as a Virtual Asset Service Provider (VASP). The announcement was made on Tuesday. This comes after Crypto.com’s recent victory in Dubai, where on April 9, it received complete operational permission from the Virtual Assets Regulatory Authority (VARA), enabling the exchange to introduce regulated digital asset services in the area.
