The Thai Ministry of Finance has revoked the license of local cryptocurrency exchange Zipmex. Official reason: concerns about financial instability and poor governance.

The Securities and Exchange Commission of Thailand (SEC) announced that the administration of Zipmex withdrew and failed to comply with the regulator’s requirements for business restructuring. The situation has deteriorated significantly and indicates 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 regulator’s decision, the Zipmex exchange must immediately cease all operations with digital assets and be ready to return funds upon customer request within the next 15 days from the date of license revocation. If customers do not claim their assets within this time frame, Zipmex is required to transfer the assets to some secure storage facility and promptly report each withdrawal request to the SEC.

Thailand’s SEC has charged former Zipmex CEO Akarlap Yimwilai with fraud and defrauding customers. The commission found that the exchange transferred customer funds from Thai wallets to overseas accounts without prior notification to regulators.