Thailand's Ministry of Finance revoked Zipmex's digital asset business license on May 28 after the exchange failed to comply with instructions from the Securities and Exchange Commission (SEC). The SEC said Zipmex's financial condition and management structure were problematic and could harm customers. Zipmex failed to comply after the SEC flagged its financial and management problems in January and requested rectification, leading to a temporary suspension of its trading and brokerage services in February. Subsequently, the SEC found that Zipmex had moved client funds to offshore accounts without notice, further exacerbating the crisis of confidence. By February 21, the SEC confirmed that Zipmex had still not resolved compliance issues.