Thailand’s Securities and Exchange Commission (SEC) is investigating Zipmex to see if its revenue products violate regulatory rules.
according to bloomberg news According to reports, Thailand’s SEC sent a letter to ZipMex on December 28, saying that its ZipUp and ZipUP+ products violated its digital asset business rules.
Zipmex has enabled customers to earn money by retaining their assets with ZipUp and ZipUp+ Earning Products.
Due to the nature of Zipmex’s income products, the SEC alleges that Zipmex is unfairly operating as a fund manager.
“The company may have operated as a digital asset fund manager without a license,” the SEC said.
The SEC has asked Zipmex to come forward to clarify its status by January 12th.
The SEC probe comes just a month after it was reported that venture capital firm V Ventures would buy the exchange for $100 million.
The battle between Zipmex and the SEC
In a previous investigation, the SEC accused Zipmex CEO Eklarp Yimwilai of failing to provide comprehensive information about how it managed its customers’ assets.
In July 2022, Zipmex suspended withdrawals due to insolvency concerns. The SEC has investigated the exchange and requested access to transaction records and wallets used to hold customer assets.
In contrast, Zipmex claimed The parent company ‘Zipmex Pte. Ltd’ is not under the regulated jurisdiction of the Thai SEC.
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