The Securities and Trade Fee (SEC) of Thailand is investigating Zipmex to establish if its earn merchandise breached regulatory guidelines.
In line with a Bloomberg Information report, Thailand’s SEC despatched a letter to Zipmex on Dec. 28 stating that the ZipUp and ZipUP+ merchandise have been in violation of the digital-asset enterprise guidelines.
Zipmex allowed its clients to earn returns for holding their property within the ZipUp and ZipUp+ earn merchandise.
As a result of nature of Zipmex’s earn merchandise, the SEC alleged that the change was unduly working as a fund supervisor.
“The corporate may have been working as a digital-asset fund supervisor with out permission,” the SEC stated.
The SEC has urged Zipmex to return ahead to make clear its standing on or earlier than Jan. 12.
The SEC’s investigation is coming barely a month after it was reported that enterprise capital agency V Ventures would proceed to purchase the change for $100 million.
Zipmex’s battle with SEC
In an earlier investigation, the SEC accused Zipmex CEO Eklarp Yimwilai of failing to submit complete details about the way it managed clients’ property.
Again in July 2022, Zipmex halted withdrawals on account of insolvency considerations. The SEC moved to probe the change and requested entry to transaction information and wallets used to carry clients’ property.
In response, Zipmex claimed it was treading with warning in submitting the paperwork as its father or mother firm ‘Zipmex Pte. Ltd’ will not be underneath the regulatory jurisdiction of Thailand’s SEC.
