Beleaguered crypto exchange Zipmex has lost its business license after the Thai authorities found that the exchange had repeatedly failed to comply with orders.

Thai cryptocurrency exchange Zipmex has lost its business license after the Securities and Exchange Commission (SEC) found that the exchange had repeatedly failed to comply with regulatory orders.

In a Jun. 11 press release, the SEC announced that Zipmex’s license revocation followed concerns over the company’s financial instability and inadequate management. Despite several directives to rectify these issues, Zipmex failed to comply within the given timeframe, prompting the SEC to recommend that Thailand’s Ministry of Finance revoke the company’s license.

The Ministry’s decision requires Zipmex to cease crypto operations immediately and transfer customers’ assets back to them within 15 days. If customers don’t claim their assets within the period, Zipmex must store the assets within 30 days and report each step of the process to the SEC. As of press time, Zipmex made no public statements on the matter.

Founded in 2018, Singapore-headquartered Zipmex halted its trading business in Thailand in November 2023, facing penalties from the SEC for alleged misuse of a crypto custodian service and for funneling customers to the Singapore-based exchange Zipmex Pte, creating a conflict of interest. Zipmex also operates in Australia and Indonesia.

Beyond its regulatory difficulties in Thailand, Zipmex’s rehabilitation plan has stalled following significant losses exceeding million due to its exposure to the bankruptcies of Babel Finance and Celsius Network in 2022.