SEC ask for revocation of Zipmex digital asset business license

The Securities and Exchange Commission Board (SEC Board) has passed a resolution to recommend the revocation of digital asset business license of Zipmex Co., Ltd. (Zipmex) for the Minister of Finance’s consideration.

Meanwhile, as long as Zipmex continues its business operations, the company is subject to business suspension and is required to return assets to its clients or proceed as per their requests. If the clients do not claim their assets, Zipmex must deposit them in a trusted and secure system to protect the clients’ interests.  

Due to its failure to maintain net capital in compliance with the governing law and its inappropriate and insufficient management structure and personnel, Zipmex may be liable to offenses related to client assets, which may potentially harm public interests. Therefore, in its meeting on 1 February 2024, the SEC Board, by virtue of Section 35,…