Thailand's Finance Minister found cryptocurrency exchange Zipmex in continued violation of regulations, despite the SEC's February orders.

Following intense scrutiny, Thailand's Securities and Exchange Commission (SEC) revoked two of Zipmex's operating licenses on June 11, effectively banning its digital asset exchange and brokerage services in the country from May 28.

The decision came after Zipmex was instructed to halt services to address its financial and operational deficiencies, a directive it seemingly failed to comply with to the satisfaction of the Finance Minister.

The SEC has mandated Zipmex to either return assets to its clients or follow through as per their instructions.

For assets not claimed by clients, Zipmex is required to secure them in a trusted system, reporting their actions to the SEC in a timely manner.

This move underscores the regulatory scrutiny facing crypto exchanges in Thailand, marking a significant step in the country's approach to digital asset oversight.