Zipmex, a Singapore-headquartered crypto exchange, has gained a license from Thailand’s Securities and Exchange Commission (SEC) to offer its services in the country. Operational in Singapore, Indonesia, and Australia, the crypto exchange is planning to roll out its services in the new country within the first quarter of this year.

Founded in 2018, the exchange raised $3 million last September in a pre-Series A round and is currently valued at $18 million. Out of 20 crypto exchanges applied to the SEC, only four – Bitcoin Exchange, Bitkub Online, Satang Corporation, and Coins TH Co – initially received a license from the regulator last year.

Notably, Bitcoin Exchange shut all its crypto trading operations and the agency handed an operational license to Huobi Thailand as well which is yet to launch its services.

The Thai regulator is following harsh regulatory standards for crypto exchanges. To receive the license, the Singapore-based exchange had to meet “several stringent conditions” including having shareholder equity of at least 50 million baht (about $1.6 million), the report outlined.