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Crypto

Exchange

Zipmex

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Zipmex

Singapore

Founded in

2018 (7 Years)

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Last online: No recent activity

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2.67

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Warning Report is a record of alerts about trading activities, account management, or compliance issues. It helps you keep track of potential risks or problems in your trading account.

Pending the investigation by the employees

Thg 06 11, 2567

Between July and September 2022, Zipmex Co., Ltd. ("Zipmex") failed to comply with orders from regulatory officials to submit information regarding its business and operations. This included data on the wallets used to store customers' assets and details of digital asset transfer or withdrawal transactions. Zipmex did not provide the requested information within the specified timeframe and, even after receiving reminders from the officials, only submitted incomplete data. Additionally, Zipmex delayed submitting the requested information without reasonable cause or justification.

There was a comparative order dated 1/2023, imposing a fine of 670,000.00 baht.

Thg 06 11, 2567

Between May 8, 2022, and July 20, 2022, Zipmex Co., Ltd. ("Zipmex"), as a digital asset business operator in the categories of digital asset exchange and digital asset brokerage, engaged in activities beyond its authorized digital asset business without permission from the Securities and Exchange Commission (SEC). The company solicited its customers to use the ZipUp+ program of Zipmex Pte. Ltd., benefiting from fees related to the exchange of customers' digital assets. Furthermore, Zipmex did not have a system in place to prevent conflicts of interest or to control risks to customers' assets.

There was a comparative order dated 1/2023, imposing a fine of 370,000.00 baht.

Thg 06 11, 2567

Between September 15, 2021, and May 7, 2022, Zipmex Co., Ltd. ("Zipmex"), as a digital asset business operator in the categories of digital asset exchange and digital asset brokerage, did not comply with the regulations announced for the storage of customers' digital assets in the digital asset deposit project for returns in Thailand. The company failed to segregate the assets under its custody in a manner that clearly identified them as customers' assets beyond any doubt. Furthermore, these digital assets might have been used for other purposes.

There was a comparative order dated 1/2023, imposing a fine of 325,000.00 baht.

Thg 06 11, 2567

Zipmex Co., Ltd. ("Zipmex"), as a digital asset business operator in the categories of digital asset exchange and digital asset broker, is required to report the results of a penetration test to the Securities and Exchange Commission (SEC) by July 14, 2022. However, Zipmex reported the results of the penetration test on August 8, 2022, which was a late submission and did not comply with the established regulations.

There was a comparative order dated 1/2023, imposing a fine of 2,150,000.00 baht.

Thg 06 11, 2567

Since January 1, 2022, Zipmex Limited, as a digital asset business operator, providing digital asset exchange and digital asset brokerage services, does not have policies, measures, and procedures for delegating operational responsibilities to other persons related to the operation of digital asset businesses, which is not in accordance with the prescribed criteria."

There was a comparative order dated 1/2023, imposing a fine of 697,000.00 baht.

Thg 06 11, 2567

Zipmex Limited, as a digital asset brokerage and exchange, failed to report the summary of assignments to other individuals responsible for tasks related to the operation of the business for the fiscal year 2022 within the specified deadline according to the criteria announced, which was December 31, 2022.

There was a comparative order dated 1/2023, imposing a fine of 980,000.00 baht.

Thg 06 11, 2567

From approximately mid-2020 to September 7, 2022, Zipmex Limited ("Zipmex"), as a digital asset brokerage and exchange, failed to establish proper management structure and systems, including inadequate staffing as per the specified criteria."

Pending the investigation by the employees

Thg 06 11, 2567

Zipmex Limited, a digital asset brokerage and exchange, is required to submit its financial statements for the fiscal year 2022 and announce them on the Zipmex website within the Securities and Exchange Commission's specified deadline of May 2, 2023. However, Zipmex failed to submit its 2022 financial statements and did not announce them on its website within the given timeframe."

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Zipmex Crypto Exchange Review: A Comprehensive Analysis

Overview and General Information

Zipmex, established in 2018 and based in Singapore, aimed to provide a secure and regulated platform for cryptocurrency trading and investment opportunities in Southeast Asia. The exchange utilized blockchain technology to offer various services, including cryptocurrency trading, investment options, and educational resources. However, it's crucial to note that the Thai Minister of Finance revoked Zipmex's Digital Asset Exchange and Broker Licenses on May 28, 2024, citing concerns about financial stability, management structure, and personnel. This event significantly impacts the perception and operational status of the exchange. While the founders' identities remain unavailable in readily accessible sources, its investor base included notable firms like V Ventures, Coinbase Ventures, and Krungsri Finnovate. The company raised a total of $61 million in funding.

Products and Services Offered by Zipmex Crypto Exchange

Zipmex offered a range of products and services designed to cater to both retail and institutional investors in the cryptocurrency market. Their core offerings included: * **Cryptocurrency Trading:** A platform enabling users to buy, sell, and trade various cryptocurrencies. This was a central aspect of their business model, aiming to provide a user-friendly and secure environment for trading activities. * **Blockchain Services:** Zipmex leveraged blockchain technology to facilitate broader financial services within Southeast Asia, going beyond simply trading cryptocurrencies. This suggests an ambition to integrate blockchain technology into daily financial activities. * **Investment Opportunities:** The exchange provided access to various investment avenues within the digital assets ecosystem, extending beyond simple spot trading to potentially include more complex investment strategies. * **Ecosystem:** Zipmex strived to create a complete ecosystem aimed at enhancing the everyday user experience of finance within Southeast Asia. Beyond these core offerings, Zipmex aimed to enhance the user experience through: * **Educational Resources:** To promote financial literacy within the crypto space, Zipmex provided educational materials and tools to help users understand and navigate the complexities of cryptocurrency trading and blockchain technology. * **Mobile Applications:** Access to the exchange's trading platform was readily available through user-friendly mobile applications, allowing for 24/7 trading convenience.

Product Features and Conditions

Zipmex emphasized security as a key feature of its platform. However, the revocation of their licenses casts significant doubt on the adequacy of their previously claimed security measures and their overall financial stability. The platform operated in a purportedly fully-regulated environment; however, specifics regarding the extent and nature of this regulation remain unclear in publicly available information following the license revocation. The lack of detailed information on regulatory compliance before and after the revocation makes it difficult to fully assess this aspect of Zipmex's operations.

Contact Channels and Customer Support

Information regarding Zipmex's customer support channels is notably limited. Publicly available information does not provide specific details on phone numbers, email addresses, chat support options, or physical branch locations. Furthermore, the service hours and the quality of customer support remain unspecified, raising concerns about the accessibility and effectiveness of assistance to users.

Pros and Cons of Zipmex Crypto Exchange

**Pros:** * **Innovative Approach:** Zipmex’s initial ambition to integrate blockchain technology into broader financial services in Southeast Asia demonstrated an innovative approach to financial inclusion. * **Secure Platform (Claimed):** Although now questionable following the license revocation, the exchange initially marketed itself as a secure platform. * **Regulated Environment (Claimed):** While the extent and nature of regulation remain unclear, the exchange operated under the claim of a fully regulated environment, which was previously a positive attribute. * **Investment Opportunities:** The variety of investment options offered was a potential advantage for investors seeking diversified portfolios within the crypto market. **Cons:** * **Financial Stability Concerns:** The revocation of licenses highlights significant concerns about Zipmex's financial stability and its ability to meet its obligations to users. This is arguably the most serious drawback. * **Regulatory Issues:** The revocation of licenses and the subsequent lack of clarity regarding regulatory compliance represent major regulatory issues that seriously damage the credibility and trustworthiness of the exchange. This raises concerns about the future of user funds.

Summary of Zipmex Crypto Exchange Review

**Who is it Best Suited For and Why:** Given the revocation of licenses and ensuing financial uncertainty, Zipmex is currently not suitable for any investor. Before the revocation, it might have been suitable for investors seeking opportunities in the crypto market within Southeast Asia, who were comfortable with the perceived level of risk. However, the current situation makes any investment extremely risky. **Final Thoughts on Value and Choosing the Company:** The value proposition of Zipmex has been completely undermined by the regulatory actions taken against the exchange. Considering the severity of the financial stability concerns and regulatory issues, choosing Zipmex is strongly discouraged. Investors should prioritize platforms with a proven track record of compliance and financial stability.

Frequently Asked Questions about Zipmex Crypto Exchange

**When was Zipmex Founded?** Zipmex was founded in 2018. **What is Zipmex’s Latest Funding Round?** Zipmex's latest funding round is described as "Acq - Fin" in available data sources. This term may represent a financing round through acquisition or a financial-related acquisition. More specific details are needed to fully define the nature of this round. **How Much Did Zipmex Raise?** Zipmex raised a total of $61 million in funding across its various funding rounds. **Who Are the Investors of Zipmex?** Notable investors in Zipmex include V Ventures, Coinbase Ventures, Krungsri Finnovate, Master Ad, MindWorks Capital, and several others. The exact complete list of investors might require further research beyond publicly available databases.

Bullet Points Summary

* Zipmex was a Singapore-based cryptocurrency exchange founded in 2018. * It offered cryptocurrency trading, blockchain services, and investment opportunities. * The Thai Ministry of Finance revoked its licenses in May 2024 due to financial stability and management concerns. * This revocation casts significant doubt on the platform's security and reliability. * Customer support details are limited and unclear. * Zipmex is currently not recommended for investment due to significant financial and regulatory risks.

References

* [1] https://www.cbinsights.com/company/zipmex * [3] https://leadiq.com/c/zipmex/5db8be36fdf36bee53bcdc62 * [5] https://www.preqin.com/data/profile/asset/zipmex-pte-ltd-/408696