SEC Investigates Zipmex for Operating Without Permission in Thailand

• Thailand SEC is investigating cryptocurrency exchange Zipmex for allegedly breaching local rules by operating as a digital asset fund manager without permission.
• Zipmex has been facing liquidity crisis for some time and is currently in the process of being acquired by V Ventures.
• The SEC has given Zipmex until January 12 to clarify if it has been operating as a “digital asset fund manager” in Thailand without permission.

The Thailand Security Exchange Commission (SEC) is currently investigating cryptocurrency exchange Zipmex for allegedly breaching local rules. The exchange has been accused of operating as a digital asset fund manager in Thailand without permission. In addition, Zipmex has been facing liquidity issues for some time and is currently in the process of being acquired by V Ventures, a subsidiary of Thoresen Thai Agencies PCL.

The SEC has given Zipmex until January 12 to clarify if it has been operating as a “digital asset fund manager” in Thailand without permission. If it is true that the exchange operated as a digital fund manager in Thailand, it ought to have obtained a permit for it to be allowed to conduct business in the country. The SEC has been closely monitoring the activities of digital asset providers in the country in order to ensure that the country’s laws are followed.

Zipmex has been facing liquidity crisis for some time and it even halted withdrawals in July 2022. In order to resolve the liquidity issues, the exchange obtained a three months moratorium in August and is now in the process of being bought out by V Venture for a total of about $100 million. However, the SEC has now opened a probe into the exchange for breaching local rules.

The SEC has not yet released any statement regarding the matter. However, it is likely that the regulator will take action against the exchange if found guilty of breaching the local rules. This could lead to a fine or even the closure of the exchange. In addition, the SEC could also enforce stricter rules and regulations on digital asset providers in order to ensure that similar incidents do not occur in the future.

It remains to be seen what action the SEC will take against Zipmex. However, it is clear that the regulator is taking a close look at digital asset providers in the country in order to ensure that the laws are followed. This could have a positive effect on the industry as a whole as it could lead to more transparency and better regulation.