http://jaberwalk.victoryc.hop.clickbank.net/
The Securities and Exchange Commission (SEC) of Thailand is investigating Zipmex to ascertain if its earn products breached regulatory rules.
According to a Bloomberg News report, Thailand’s SEC sent a letter to Zipmex on Dec. 28 stating that the ZipUp and ZipUP+ products were in violation of the digital-asset business rules.
Zipmex allowed its customers to earn returns for holding their assets in the ZipUp and ZipUp+ earn products.
Due to the nature of Zipmex’s earn products, the SEC alleged that the exchange was unduly operating as a fund manager.
“The company could have been operating as a digital-asset fund manager without permission,” the SEC said.
The SEC has urged Zipmex to come forward to clarify its status on or before Jan. 12.
The SEC’s investigation is coming barely a month after it was reported that venture capital firm V Ventures would proceed to acquire the exchange for $100 million.
Zipmex’s battle with SEC
In an earlier investigation, the SEC accused Zipmex CEO Eklarp Yimwilai of failing to submit comprehensive information about how it managed customers’ assets.
Back in July 2022, Zipmex halted withdrawals due to insolvency concerns. The SEC moved to probe the exchange and requested access to transaction records and wallets used to hold customers’ assets.
In response, Zipmex claimed it was treading with caution in submitting the documents as its parent company ‘Zipmex Pte. Ltd’ is not under the regulatory jurisdiction of Thailand’s SEC.
Journalist at CryptoSlate
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
Read Our Latest Market Report
Connect your wallet, trade with Orion Swap Widget.
Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
$76,372.00 ) SV spikes 33%
