Thai SEC Revokes Zipmex Exchange License Amid Fraud Allegations

IconCryptoNewsTerminal Staff11 Jun, 2024

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Thai SEC Revokes Zipmex Exchange License Amid Fraud Allegations

Zipmex, a cryptocurrency exchange operating in Thailand, has had its license revoked by the country's Securities and Exchange Commission (SEC), as reported by Cointelegraph. The move comes after the SEC previously ordered Zipmex to suspend its services due to severe deficiencies in its operations and financial health. In addition to the license revocation, authorities have charged the CEO of Zipmex's Thai operations with fraud. It is alleged that he embezzled customer assets and transferred them overseas. The SEC's investigation into Zipmex revealed that the exchange had failed to properly manage customer funds, leading to significant losses. The exchange had also allegedly provided false or misleading information to the SEC. The revocation of Zipmex's license is a significant development in Thailand's cryptocurrency regulatory landscape. It sends a strong message that exchanges must operate in a transparent and compliant manner.

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