Thailand’s Securities and Exchange Commission (SEC) has revoked Zipmex’s license after the crypto exchange failed to comply with its orders. Australia has started prohibiting digital currency and credit card use for online gambling platforms. Meanwhile, Bitcoin fell to a new weekly low one day after United States Bitcoin ETFs broke their month-long inflow streak. 

Thailand’s SEC revokes Zipmex license

The Thai SEC has revoked the operating licenses of cryptocurrency exchange Zipmex following months of regulatory scrutiny. 

According to a June 11 statement, the SEC said Zipmex was no longer authorized to operate as a crypto exchange and broker in Thailand. The order has been in effect since May 28. 

Zipmex was first ordered to suspend domestic services in February due to “operational deficiencies.” By the end of May, the country’s finance ministry determined that the exchange was “still in contravention” of the orders. 

“Zipmex is required to return assets to its clients or proceed according to their clients’ requests,” the SEC said in a statement. “If any clients do not notify their requests or claim their assets, Zipmex must deposit the unclaimed assets in a trusted and secure system and must report its proceedings, step by step, to the SEC without delay.”

Australia cracks down on online gambling with crypto, credit card ban

To protect its citizens from wasting money that they don’t have, the Australian government implemented a ban on using crypto and credit cards for online gambling.

On June 11, The Canberra Times reported that Australia started to prohibit digital currency and credit card use for online gambling platforms.

The government announced that companies failing to comply with the new rules could face fines of up to approximately 234,750 Australian dollars ($155,000).

The rules include credit cards linked to digital wallets, cryptocurrencies like Bitcoin (BTC) and other new forms of credit.

The new rules for online betting align with Australia’s laws on land-based gambling. However, there are exceptions, like online lottery payments, which still allow credit cards.

Kai Cantwell, the CEO of Responsible Wagering Australia, an independent organization for Australian-licensed gambling service providers, believes that the move makes it easier for people to control themselves. He said:

“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior.”

Bitcoin dips after BTC ETFs break 19-day green streak

The price of Bitcoin fell to a weekly low ahead of U.S. inflation data and a Fed meeting set for Tuesday, while United States spot Bitcoin exchange-traded funds (ETFs) recorded their first net outflow in over 19 trading days.

Bitcoin dropped 2.3% over the last 24 hours and hit $68,186 at around 3:00 am UTC on June 11, its lowest point since June 3, according to Cointelegraph Markets Pro.

It comes after the 11 U.S. spot Bitcoin ETFs recorded a joint net outflow of $64.9 million on June 10 — their first net outflow in a month, according to Farside Investors.

The U.S. Bureau of Labor Statistics is set to release May figures for its inflation-measuring Consumer Price Index (CPI) on June 11. The Fed’s monetary policy is also to be decided at a two-day Federal Open Market Committee (FOMC) meeting starting the same day.

Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.