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Thailand’s Securities and Exchange Commission (SEC) has accused cryptocurrency exchange Zipmex and its co-founder Akalarp Yimwilai of not complying with local laws, and has reported the matter to the police.
In Wednesday’s announcement, Thailand’s SEC said Alleged Zipmex did not provide information on digital wallets and cryptocurrency transactions in accordance with the country’s Digital Assets Act. The regulator alleged that both Akalarp and the exchange transferred incomplete information outside of the approved timeframe without providing “reasonable grounds” or excuses.
Such conduct by Zipmex and Mr. Akalarp is deemed to have failed to comply with an order of a competent official, which is an unlawful act and is punishable under section 75 of the Digital Assets Act, the regulator said. says. “The SEC said he accused Zipmex and Eklarp of: [Cyber Crime Investigation Bureau], consider further legal action. “
ThaiSEC_News (@ThaiSEC_News) September 7, 2022
Zipmex responded to the SEC’s earlier requests for information in a blog post on Wednesday. say it It is Zipmex itself and Zipmex Pte. Ltd., an entity not under the regulated jurisdiction of the Thai SEC:
Disclosure of Zipmex Pte. Ltd. information must be carried out with the utmost care and consideration to ensure full regulatory compliance and proper compliance with standards such as data privacy.
Crypto exchange suspended withdrawals in July, saying it had exceeded a combination of circumstances [its] Control. “At the time, Zipmex co-founder Marcus Lim denied reports that the exchange was facing financial difficulties. However, the company later filed for debt relief in Singapore, where the country’s High Court ruled The exchange has until Dec. 2 to present its restructuring plan.
Related: Zipmex calls for meeting with Thai regulators to discuss ‘recovery plan’
Zipmex said in a Sept. 1 message on its Facebook page that it will hold an online town hall meeting with its financial and legal advisers on Sept. 14 for both English and Thai speakers. The company operates cryptocurrency exchanges in Thailand, Australia, Indonesia and Singapore.
Cointelegraph reached out to Zipmex but did not receive a response at the time of publication.
