The Securities and Exchange Commission of Thailand (SEC) has sent a request to the local Ministry of Finance to revoke the license of the Zipmex cryptocurrency exchange, which is in the process of restructuring.

The regulator also extended the ban on the activities of the cryptocurrency exchange, introduced on February 1. During the meeting, SEC members decided that Zipmex clients can request a refund from the site's accounts until March 11. After this date, all of the company's money must be transferred to a “trusted and secure system” and Zipmex management must report on this.

“Even after the effective revocation of the license, Zipmex will retain its status as a limited liability company with associated rights, duties and obligations, including the possibility of being subject to legal action,” the regulator said in a statement.

The Zipmex exchange has been experiencing difficulties since 2022 – they are associated with investments in the problematic cryptocurrency services Babel and Celsius. Recently, the Thai authorities accused the management of the exchange of fraud and deceiving clients.