{"investigation":{"slug":"zipmex","entity_name":"Zipmex","trust_score":4,"severity_base":null,"score_modifier":0,"confidence":0.91,"status":"published","content_type":"investigation","summary":"Zipmex was a Southeast Asian cryptocurrency exchange founded in 2018 and licensed to operate in Thailand, Singapore, Indonesia, and Australia. In July 2022, the exchange suspended customer withdrawals after disclosing $53 million in losses stemming from exposure to collapsed crypto lenders Babel Finance and Celsius Network. Multiple rescue deals failed, the Singapore entity entered voluntary liquidation in May 2024, Thai regulators revoked its operating licenses, and the former CEO of Zipmex Thailand was charged with fraud and deception by the Thai Securities and Exchange Commission.","sections":[{"content":"Zipmex was co-founded in 2018 by Marcus Lim, an Australian entrepreneur previously associated with the local services marketplace OneFlare, and Akalarp Yimwilai, a Thai legal professional with a graduate degree from Georgetown University. The exchange obtained digital asset exchange and broker licenses from Thailand's Ministry of Finance and Securities and Exchange Commission in 2020, and subsequently launched operations in Singapore, Indonesia, and Australia, claiming approximately 2 million registered users at its peak. Zipmex marketed itself as a regulated, safe alternative to offshore exchanges for retail investors in Southeast Asia, distinguishing its brand on compliance credentials. In January 2021, the company raised a $6 million Series A led by Jump Capital, followed by a $41 million Series B in August 2021 led by B Capital and TNB Aura, with additional participation from Krungsri Finnovate, Plan B Media, and MACO. The exchange offered spot trading alongside a high-yield savings product called ZipUp+, which promised annual yields of up to 10 to 14 percent on assets including Bitcoin, Ethereum, USDC, and USDT.","heading":"Company Background and Operations","sources":[{"url":"https://www.therunway.ventures/p/zipmex","name":"The Fall of Zipmex: How a Safe Crypto Exchange Collapsed — The Runway Ventures","type":"research","credibility":2},{"url":"https://www.washingtonpost.com/business/2022/07/21/zipmex-withdrawals-crypto/","name":"Zipmex becomes latest crypto exchange to block withdrawals — Washington Post","type":"news_article","credibility":1},{"url":"https://techcrunch.com/2022/07/20/zipmex-pauses-withdrawals-until-further-notice/","name":"Zipmex pauses withdrawals until further notice — TechCrunch","type":"news_article","credibility":1}],"severity":"low"},{"content":"Zipmex's ZipUp+ product allowed customers to deposit digital assets into a Z Wallet in exchange for high-yield returns. To fund these yields, Zipmex lent customer deposits to institutional crypto lending platforms — primarily Hong Kong-based Babel Finance and US-based Celsius Network. By mid-2022, Zipmex had outstanding loans of $48 million with Babel Finance and $5 million with Celsius Network, totaling $53 million in exposure. When Celsius halted withdrawals on June 12, 2022, and Babel Finance froze redemptions on June 17, 2022, amid the broader contagion triggered by the collapse of the Terra/Luna ecosystem and the failure of Three Arrows Capital, Zipmex found itself unable to recover those funds. The Thai SEC later determined that funds held in Thai customer Z Wallets had been transferred to digital wallets abroad prior to any public announcement about changes to terms and conditions, a sequence the regulator characterized as deceptive. When ZipUp was initially launched in Thailand, the exchange allegedly represented that customer bonuses derived from marketing costs, while funds were in fact deployed to Babel Finance with the lending proceeds used to fund bonus payments.","heading":"ZipUp+ Yield Product and Exposure to Babel Finance and Celsius","sources":[{"url":"https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius","name":"Zipmex Confirms Loans Worth $53M to Babel and Celsius — CoinDesk","type":"news_article","credibility":1},{"url":"https://fortune.com/crypto/2022/07/21/celsius-babel-ties-lead-crypto-exchange-zipmex-halt-withdrawals/","name":"Crypto exchange Zipmex halts withdrawals on Celsius and Babel ties — Fortune","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/200161/thai-regulator-investigating-zipmex-over-potentially-unauthorized-earn-program","name":"Thai regulator investigating Zipmex over potentially unauthorized earn program — The Block","type":"news_article","credibility":1},{"url":"https://www.bangkokpost.com/business/2354996/the-lowdown-on-the-zipmex-situation/","name":"Explainer: The lowdown on the Zipmex situation — Bangkok Post","type":"news_article","credibility":2}],"severity":"critical"},{"content":"On July 20, 2022, Zipmex announced a halt to all customer withdrawals, citing 'volatile market conditions and the resulting financial difficulties of our key business partners.' On July 22, 2022, five Zipmex entities — including Zipmex Pte Ltd, Zipmex Asia Pte Ltd, and PT Zipmex Exchange Indonesia — filed applications with Singapore's High Court seeking moratoriums on legal proceedings for up to six months. On August 15, 2022, Singapore's High Court granted Zipmex more than three months of creditor protection against potential creditor lawsuits, running until December 2, 2022; Justice Aedit Abdullah noted concerns about the group's insufficient communication with creditors. In December 2022, the court extended that protection through April 2023. In March 2023, the Singapore High Court approved Zipmex's initial scheme of arrangement, including a special administrative convenience class for creditors holding assets not exceeding $5,000. However, the scheme's viability was entirely contingent on the rescue investment from V Ventures materializing, which it did not.","heading":"Withdrawal Suspension and Singapore Creditor Protection Proceedings","sources":[{"url":"https://www.coindesk.com/business/2022/07/28/zipmex-files-for-bankruptcy-protection-in-singapore","name":"Zipmex Files for Bankruptcy Protection in Singapore — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/business/2022/08/15/zipmex-crypto-exchange-gets-over-3-months-creditor-protection-in-singapore-report","name":"Zipmex Crypto Exchange Gets Over 3 Months of Creditor Protection in Singapore — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/policy/2023/03/30/crypto-exchange-zipmexs-restructuring-plan-approved-by-singapore-court","name":"Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.judiciary.gov.sg/news-and-resources/news/news-details/information-note-on-zipmex-entities-hearing-on-15-august-2022","name":"Information Note on Zipmex Entities Hearing — Singapore Judiciary","type":"official","credibility":1}],"severity":"critical"},{"content":"In November 2022, Thoresen Thai Agencies' subsidiary V Ventures agreed to acquire a 90% stake in Zipmex for approximately $100 million, providing the financial lifeline required to satisfy creditors and restore withdrawals. Early tranches of the investment were disbursed, and the Singapore court's initial restructuring approval in March 2023 was premised on this deal completing. However, V Ventures missed its fourth tranche payment of $1.25 million, which was due on March 23, 2023, leaving Zipmex unable to meet certain staff payroll obligations and warning employees of potential liquidation. Zipmex described V Ventures as 'unresponsive' to repeated contact attempts. By April 2023, V Ventures verbally indicated it was only prepared to offer creditors between 10 and 20 cents on the dollar — a 80 to 90 percent haircut from their agreed obligations — and subsequently declared the entire acquisition agreement terminated, alleging Zipmex had failed to fulfil its own funding obligations. V Ventures demanded a clawback of $4.6 million it had already paid as working capital. In November 2023, with no viable replacement investor, Zipmex proposed a new scheme of arrangement offering creditors approximately 3.35 cents on the dollar, with the possibility of recovery rising to 29.35 cents contingent on debt restructuring outcomes. The Singapore court declined to extend Zipmex's moratoriums in January 2024 after the December 2023 creditor scheme vote failed to secure sanction.","heading":"Failed Rescue Deals and Collapse of V Ventures Agreement","sources":[{"url":"https://www.theblock.co/post/222519/zipmexs-rescue-investor-misses-payment-company-warns-employees-of-liquidation","name":"Zipmex's rescue investor misses payment, company warns employees of liquidation — The Block","type":"news_article","credibility":1},{"url":"https://www.blockhead.co/2023/04/24/crypto-exchange-zipmex-loses-us-100-million-rescue-deal/","name":"Crypto Exchange Zipmex Loses US$100 Million Rescue Deal — Blockhead","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/226378/zipmex-rescue-investor-discount","name":"Zipmex's rescue investor wants to pay only 10 to 20 cents on the dollar — The Block","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/business/2023/11/29/troubled-crypto-exchange-zipmex-proposes-to-pay-creditors-335-cents-on-the-dollar-bloomberg","name":"Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar — CoinDesk","type":"news_article","credibility":1},{"url":"https://globalrestructuringreview.com/article/singapore-court-denies-zipmex-moratoria-extension","name":"Singapore Court denies Zipmex moratoria extension — Global Restructuring Review","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Thailand's SEC launched an investigation into Zipmex Thailand following the July 2022 withdrawal suspension, gathering data on user losses and requesting disclosure of customer asset balances and the exchange's exposure to Babel Finance and Celsius. On February 2, 2024, the Thai SEC ordered Zipmex Thailand to suspend its digital asset trading and brokerage services, citing failure to meet capital maintenance requirements and inadequate systems to prevent the improper use of customer funds. On February 8, 2024, the SEC filed a criminal complaint with the Economic Crime Suppression Division against Akalarp Yimwilai — the former director and CEO of Zipmex Thailand from August 2018 through November 2023 — alleging corruption, deception, and misappropriation of property. The SEC alleged that customer assets held in Z Wallets had been transferred to overseas digital wallets prior to Zipmex Thailand announcing changes to its terms and conditions, and that the reports submitted by Zipmex Thailand to regulators were inconsistent with the facts verified by the SEC. These actions allegedly violated Section 82 of Thailand's Digital Asset Decree of 2018, which carries potential penalties of five to ten years imprisonment and fines of 500,000 to 1,000,000 baht. On May 28, 2024, the Thai SEC formally revoked Zipmex Thailand's digital asset exchange and brokerage licenses after the exchange failed to comply with the February 2024 remediation directives.","heading":"Thai SEC Regulatory Actions and Criminal Charges Against Former CEO","sources":[{"url":"https://www.coindesk.com/policy/2024/02/08/thai-sec-files-charges-against-former-zipmex-thailand-ceo","name":"Thai SEC Files Charges Against Former Zipmex Thailand CEO — CoinDesk","type":"regulatory","credibility":1},{"url":"https://www.coindesk.com/policy/2024/02/02/thai-regulator-orders-zipmex-to-suspend-digital-asset-trading-and-brokerage-services","name":"Thai Regulator Orders Zipmex to Suspend Digital Asset Trading and Brokerage Services — CoinDesk","type":"regulatory","credibility":1},{"url":"https://99bitcoins.com/news/thai-sec-revokes-operating-licenses-of-zipmex-cryptocurrency-exchange/","name":"Thai SEC Revokes Operating Licenses of Zipmex Cryptocurrency Exchange — 99Bitcoins","type":"news_article","credibility":2},{"url":"https://www.nasdaq.com/articles/thailand-sec-sues-ex-zipmex-ceo-for-alleged-fraud-false-statements","name":"Thailand SEC Sues Ex-Zipmex CEO For Alleged Fraud, False Statements — Nasdaq","type":"news_article","credibility":1},{"url":"https://news.bloomberglaw.com/crypto/thai-sec-accuses-zipmex-former-ceo-of-falsified-information","name":"Thai SEC Accuses Zipmex, Former CEO of Falsified Information — Bloomberg Law","type":"news_article","credibility":1},{"url":"https://cryptopotato.com/thai-sec-is-gathering-data-on-losses-incurred-by-zipmex-users/","name":"Thai SEC is Gathering Data on Losses Incurred by Zipmex Users — CryptoPotato","type":"news_article","credibility":2}],"severity":"critical"},{"content":"With no viable restructuring path remaining after the December 2023 creditor scheme vote failed, Zipmex moved toward voluntary liquidation. On April 29, 2024, Zipmex Asia Pte Ltd filed documents with Singapore's Accounting and Corporate Regulatory Authority appointing Ellyn Tan Huixian of Mazars Consulting as provisional liquidator. On May 20, 2024, Zipmex Asia Pte Ltd passed a special resolution for voluntary winding up at an extraordinary general meeting, formally appointing Ms Tan as liquidator. Zipmex Australia Pty Ltd entered creditors' voluntary liquidation on January 25, 2024, with notices published through ASIC, and Australia subsequently removed Zipmex from its Digital Currency Exchange Register. The exchange's Thailand website and mobile app were disabled following the May 2024 license revocation. At the time of liquidation, Zipmex's reported total debt stood at approximately $97.1 million, and the final recovery rate available to general creditors under the last proposed scheme was 3.35 cents on the dollar, a figure that depended heavily on recovery outcomes from the Babel Finance insolvency proceedings.","heading":"Liquidation and Multi-Jurisdiction Wind-Down","sources":[{"url":"https://fintechnews.sg/95527/crypto/financial-woes-lead-zipmex-to-move-towards-voluntary-liquidation/","name":"Financial Woes Lead Zipmex to Move Towards Voluntary Liquidation — Fintech News Singapore","type":"news_article","credibility":2},{"url":"https://www.dealstreetasia.com/stories/zipmex-appoints-liquidator-394796","name":"Troubled crypto platform Zipmex appoints liquidator to wind up operations — DealStreetAsia","type":"news_article","credibility":2},{"url":"https://publishednotices.asic.gov.au/browsesearch-notices/notice-details/Zipmex-Australia-Pty-Ltd-632064076/c9ee2340-4043-4b74-8c2a-52faac1f8913","name":"Zipmex Australia Pty Ltd — Creditors Voluntary Liquidation Notice, ASIC","type":"regulatory","credibility":1},{"url":"https://financefeeds.com/australia-removes-ftx-express-and-zipmex-from-crypto-registry/","name":"Australia removes FTX Express and Zipmex from crypto registry — FinanceFeeds","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/business/2023/11/29/troubled-crypto-exchange-zipmex-proposes-to-pay-creditors-335-cents-on-the-dollar-bloomberg","name":"Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar — CoinDesk","type":"news_article","credibility":1}],"severity":"critical"},{"content":"Zipmex served approximately 2 million registered users across its four markets at its peak, with significant retail customer exposure in Thailand and Indonesia. Following the July 2022 suspension, the exchange partially resumed some withdrawals for assets held in trading wallets while funds deposited into the ZipUp+ Z Wallet product remained frozen. Customers with Z Wallet balances were classified as creditors in the insolvency proceedings. The proposed recovery rate of 3.35 cents on the dollar — with a maximum potential of 29.35 cents under optimistic recovery scenarios — represented a near-total loss of funds for ZipUp+ depositors. The Thai SEC separately gathered data on the quantum of losses incurred by Thai users, and the February 2024 suspension order explicitly required Zipmex to return assets to clients or fulfill any withdrawal requests made by clients. The practical recoverability of Thai customer assets remained unclear given the concurrent criminal investigation and the transfer of funds overseas that formed the basis of the fraud charges.","heading":"User Fund Losses and Creditor Impact","sources":[{"url":"https://www.bangkokpost.com/business/2353766/authorities-probe-potential-losses-for-users-of-crypto-platform-zipmex","name":"Authorities probe potential losses for users of crypto platform Zipmex — Bangkok Post","type":"news_article","credibility":2},{"url":"https://cryptopotato.com/zipmex-resumes-withdrawals-discloses-53m-exposure-to-babel-and-celsius/","name":"Zipmex Resumes Withdrawals, Discloses $53M Exposure to Babel and Celsius — CryptoPotato","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/zipmex-proposes-pay-creditors-3-cents-per-dollar","name":"Zipmex proposes to pay creditors 3 cents per dollar — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://www.financemagnates.com/cryptocurrency/zipmex-under-scrutiny-thailand-orders-suspension-over-financial-irregularities/","name":"Zipmex under Scrutiny as Thailand Orders Suspension — Finance Magnates","type":"news_article","credibility":2}],"severity":"critical"}],"timeline":[{"date":"2018-08","event":"Zipmex founded by Marcus Lim and Akalarp Yimwilai.","source":"The Runway Ventures — The Fall of Zipmex","source_url":"https://www.therunway.ventures/p/zipmex","date_original":"2018-08-01"},{"date":"2020","event":"Zipmex Thailand receives digital asset exchange and broker licenses from Thailand's Ministry of Finance and SEC.","source":"The Runway Ventures — The Fall of Zipmex","source_url":"https://www.therunway.ventures/p/zipmex","date_original":"2020-01-01"},{"date":"2021","event":"Zipmex raises $6 million Series A led by Jump Capital and launches ZipUp+ high-yield product.","source":"The Runway Ventures — The Fall of Zipmex","source_url":"https://www.therunway.ventures/p/zipmex","date_original":"2021-01-01"},{"date":"2021-08","event":"Zipmex closes $41 million Series B led by B Capital and TNB Aura.","source":"The Runway Ventures — The Fall of Zipmex","source_url":"https://www.therunway.ventures/p/zipmex","date_original":"2021-08-01"},{"date":"2022-06-12","event":"Celsius Network halts customer withdrawals amid Terra/Luna contagion.","source":"Fortune Crypto — Celsius and Babel ties lead Zipmex to halt withdrawals","source_url":"https://fortune.com/crypto/2022/07/21/celsius-babel-ties-lead-crypto-exchange-zipmex-halt-withdrawals/"},{"date":"2022-06-17","event":"Babel Finance freezes customer redemptions, locking Zipmex's $48 million loan.","source":"Fortune Crypto — Celsius and Babel ties lead Zipmex to halt withdrawals","source_url":"https://fortune.com/crypto/2022/07/21/celsius-babel-ties-lead-crypto-exchange-zipmex-halt-withdrawals/"},{"date":"2022-07-20","event":"Zipmex suspends all customer withdrawals, citing partner financial difficulties.","source":"TechCrunch — Zipmex pauses withdrawals until further notice","source_url":"https://techcrunch.com/2022/07/20/zipmex-pauses-withdrawals-until-further-notice/"},{"date":"2022-07-21","event":"Zipmex publicly confirms $53 million in outstanding loans: $48 million to Babel Finance and $5 million to Celsius.","source":"CoinDesk — Zipmex Confirms Loans Worth $53M to Babel and Celsius","source_url":"https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius"},{"date":"2022-07-22","event":"Five Zipmex entities file for creditor protection in Singapore's High Court.","source":"CoinDesk — Zipmex Files for Bankruptcy Protection in Singapore","source_url":"https://www.coindesk.com/business/2022/07/28/zipmex-files-for-bankruptcy-protection-in-singapore"},{"date":"2022-08-15","event":"Singapore High Court grants Zipmex more than three months of creditor protection through December 2, 2022.","source":"CoinDesk — Zipmex Crypto Exchange Gets Over 3 Months of Creditor Protection","source_url":"https://www.coindesk.com/business/2022/08/15/zipmex-crypto-exchange-gets-over-3-months-creditor-protection-in-singapore-report"},{"date":"2022-12-02","event":"Singapore High Court extends Zipmex's creditor protection through April 2023.","source":"CoinDesk — Zipmex Secures Creditor Protection Extension","source_url":"https://www.coindesk.com/business/2022/12/02/crypto-exchange-zipmex-secures-creditor-protection-extension-as-court-sets-deal-deadline"},{"date":"2022-12","event":"V Ventures, a subsidiary of Thoresen Thai Agencies, signs a $100 million agreement to acquire a 90% stake in Zipmex.","source":"Blockhead — Crypto Exchange Zipmex Loses US$100 Million Rescue Deal","source_url":"https://www.blockhead.co/2023/04/24/crypto-exchange-zipmex-loses-us-100-million-rescue-deal/","date_original":"2022-12-01"},{"date":"2023-03-30","event":"Singapore High Court approves Zipmex's initial scheme of arrangement, premised on the V Ventures investment closing.","source":"CoinDesk — Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court","source_url":"https://www.coindesk.com/policy/2023/03/30/crypto-exchange-zipmexs-restructuring-plan-approved-by-singapore-court"},{"date":"2023-03-23","event":"V Ventures misses its fourth tranche payment of $1.25 million; Zipmex warns employees of potential liquidation.","source":"The Block — Zipmex's rescue investor misses payment","source_url":"https://www.theblock.co/post/222519/zipmexs-rescue-investor-misses-payment-company-warns-employees-of-liquidation"},{"date":"2023-04-24","event":"V Ventures declares the entire $100 million acquisition agreement terminated and demands clawback of $4.6 million already paid.","source":"Blockhead — Crypto Exchange Zipmex Loses US$100 Million Rescue Deal","source_url":"https://www.blockhead.co/2023/04/24/crypto-exchange-zipmex-loses-us-100-million-rescue-deal/"},{"date":"2023-11-27","event":"Zipmex suspends all digital asset trading in Thailand effective January 31, 2024.","source":"Blockhead — Thailand Crypto Exchange Zipmex Halts Trading Until 2024","source_url":"https://www.blockhead.co/2023/11/27/thailand-crypto-exchange-zipmex-halts-trading-until-2024/"},{"date":"2023-11-29","event":"Zipmex proposes paying creditors 3.35 cents on the dollar in a new restructuring plan, with a maximum potential of 29.35 cents.","source":"CoinDesk — Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar","source_url":"https://www.coindesk.com/business/2023/11/29/troubled-crypto-exchange-zipmex-proposes-to-pay-creditors-335-cents-on-the-dollar-bloomberg"},{"date":"2024","event":"Singapore court declines to extend Zipmex moratoria after second scheme of arrangement fails to secure creditor sanction in December 2023.","source":"Global Restructuring Review — Singapore Court denies Zipmex moratoria extension","source_url":"https://globalrestructuringreview.com/article/singapore-court-denies-zipmex-moratoria-extension","date_original":"2024-01-01"},{"date":"2024-01-25","event":"Zipmex Australia Pty Ltd enters creditors' voluntary liquidation.","source":"ASIC Published Notices — Zipmex Australia Pty Ltd Creditors Voluntary Liquidation","source_url":"https://publishednotices.asic.gov.au/browsesearch-notices/notice-details/Zipmex-Australia-Pty-Ltd-632064076/c9ee2340-4043-4b74-8c2a-52faac1f8913"},{"date":"2024-02-02","event":"Thai SEC orders Zipmex Thailand to suspend digital asset trading and brokerage services, giving 15 days to rectify capital and operational deficiencies.","source":"CoinDesk — Thai Regulator Orders Zipmex to Suspend Digital Asset Trading","source_url":"https://www.coindesk.com/policy/2024/02/02/thai-regulator-orders-zipmex-to-suspend-digital-asset-trading-and-brokerage-services"},{"date":"2024-02-08","event":"Thai SEC files criminal complaint against Akalarp Yimwilai, former CEO of Zipmex Thailand, with the Economic Crime Suppression Division, alleging fraud, false statements, and transfer of customer assets to overseas wallets without disclosure.","source":"CoinDesk — Thai SEC Files Charges Against Former Zipmex Thailand CEO","source_url":"https://www.coindesk.com/policy/2024/02/08/thai-sec-files-charges-against-former-zipmex-thailand-ceo"},{"date":"2024-04-29","event":"Zipmex Asia Pte Ltd files documents appointing Ellyn Tan Huixian of Mazars Consulting as provisional liquidator with Singapore's ACRA.","source":"Fintech News Singapore — Financial Woes Lead Zipmex to Move Towards Voluntary Liquidation","source_url":"https://fintechnews.sg/95527/crypto/financial-woes-lead-zipmex-to-move-towards-voluntary-liquidation/"},{"date":"2024-05-20","event":"Zipmex Asia Pte Ltd passes special resolution for voluntary winding up at extraordinary general meeting.","source":"DealStreetAsia — Troubled crypto platform Zipmex appoints liquidator to wind up operations","source_url":"https://www.dealstreetasia.com/stories/zipmex-appoints-liquidator-394796"},{"date":"2024-05-28","event":"Thai SEC formally revokes Zipmex Thailand's digital asset exchange and brokerage licenses after failure to comply with February 2024 remediation order.","source":"99Bitcoins — Thai SEC Revokes Operating Licenses of Zipmex Cryptocurrency Exchange","source_url":"https://99bitcoins.com/news/thai-sec-revokes-operating-licenses-of-zipmex-cryptocurrency-exchange/"}],"sources_used":[{"url":"https://techcrunch.com/2022/07/20/zipmex-pauses-withdrawals-until-further-notice/","name":"Zipmex pauses withdrawals until further notice — TechCrunch","type":"news_article","archive_url":"https://web.archive.org/web/20260725050947/https://techcrunch.com/2022/07/20/zipmex-pauses-withdrawals-until-further-notice/","credibility":1,"archive_timestamp":"2026-07-25T05:09:47+00:00"},{"url":"https://www.bloomberg.com/news/articles/2022-07-20/crypto-exchange-zipmex-halts-withdrawals-citing-partners-woes","name":"Crypto Exchange Zipmex Halts Withdrawals, Citing Partners — Bloomberg","type":"news_article","archive_url":null,"credibility":1,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius","name":"Zipmex Confirms Loans Worth $53M to Babel and Celsius — CoinDesk","type":"news_article","archive_url":"https://web.archive.org/web/20260725095049/https://www.coindesk.com/markets/2022/07/21/zipmex-confirms-loans-worth-53m-to-babel-and-celsius","credibility":1,"archive_timestamp":"2026-07-25T09:50:49+00:00"},{"url":"https://fortune.com/crypto/2022/07/21/celsius-babel-ties-lead-crypto-exchange-zipmex-halt-withdrawals/","name":"Crypto exchange Zipmex halts withdrawals on Celsius and Babel ties — Fortune","type":"news_article","archive_url":"https://web.archive.org/web/20260724224623/https://fortune.com/crypto/2022/07/21/celsius-babel-ties-lead-crypto-exchange-zipmex-halt-withdrawals/","credibility":1,"archive_timestamp":"2026-07-24T22:46:23+00:00"},{"url":"https://www.washingtonpost.com/business/2022/07/21/zipmex-withdrawals-crypto/","name":"Zipmex becomes latest crypto exchange to block withdrawals — Washington 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