1 year ago
The Securities and Exchange Commission (SEC) of Thailand is investigating Zipmex to ascertain if its gain products breached regulatory rules.
According to a Bloomberg News report, Thailand’s SEC sent a missive to Zipmex connected Dec. 28 stating that the ZipUp and ZipUP+ products were successful usurpation of the digital-asset concern rules.
Zipmex allowed its customers to gain returns for holding their assets successful the ZipUp and ZipUp+ gain products.
Due to the quality of Zipmex’s gain products, the SEC alleged that the speech was unduly operating arsenic a money manager.
“The institution could person been operating arsenic a digital-asset money manager without permission,” the SEC said.
The SEC has urged Zipmex to travel guardant to clarify its presumption connected oregon earlier Jan. 12.
The SEC’s probe is coming hardly a period aft it was reported that task superior steadfast V Ventures would proceed to acquire the speech for $100 million.
Zipmex’s conflict with SEC
In an earlier investigation, the SEC accused Zipmex CEO Eklarp Yimwilai of failing to taxable broad accusation astir however it managed customers’ assets.
Back successful July 2022, Zipmex halted withdrawals owed to insolvency concerns. The SEC moved to probe the speech and requested entree to transaction records and wallets utilized to clasp customers’ assets.
In response, Zipmex claimed it was treading with caution successful submitting the documents arsenic its genitor institution ‘Zipmex Pte. Ltd’ is not nether the regulatory jurisdiction of Thailand’s SEC.
The station Thailand SEC to probe Zipmex implicit unregistered gain products appeared archetypal connected CryptoSlate.
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