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Thai SEC launches investigation into Zipmex’s crypto exchange amid acquisition

Zipmex crypto exchange

The Securities and Exchange Commission (SEC) of Thailand is investigating a cryptocurrency exchange called Zipmex for breaking local rules.

Zipmex is being looked into for possibly violating business rules for digital asset service providers, this includes the offerings of certain digital asset products.

The Thai SEC has given Zipmex until Jan. 12 to explain if it has been functioning as a “digital asset fund manager without permission” in Thailand, which would be against the rules if true.

Zipmex is in the process of being bought for $100 million by V Ventures, a company related to Thoresen Thai Agencies PCL.

Additionally, Zipmex is in financial turmoil, facing difficulties like freezing customer accounts, the problem date back to July 2022, and it had been in discussions with the Thai SEC in August for a potential recovery plan.

Thai regulators are also planning on tightening regulations and investor protection in the crypto field.

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