Thailand's Securities and Exchange Commission (SEC) Board has suggested to the Ministry of Finance to revoke Zipmex's digital asset trading license.
At a meeting on February 21, the SEC also decided to extend Zipmex's trading suspension, which was initially imposed on February 1.
Customers of the platform will be able to request the return of their assets until March 11. After that date, unclaimed assets must be placed in a secure system and notified to the SEC.
The recommendation comes after Zipmex missed a deadline set by the SEC to increase its net capital and make improvements to its personnel and management structure, which were deemed inadequate.
On February 1, Zipmex was given 15 days to comply with the SEC's orders, and its operations were suspended during that time.