The Securities and Alternate Fee (SEC) of Thailand is investigating Zipmex to determine if its earn merchandise breached regulatory guidelines.
Based on a Bloomberg Information report, Thailand’s SEC despatched a letter to Zipmex on Dec. 28 stating that the ZipUp and ZipUP+ merchandise had been in violation of the digital-asset enterprise guidelines.
Zipmex allowed its prospects to earn returns for holding their belongings within the ZipUp and ZipUp+ earn merchandise.
Because of the nature of Zipmex’s earn merchandise, the SEC alleged that the alternate 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 accumulate the alternate 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 prospects’ belongings.
Again in July 2022, Zipmex halted withdrawals resulting from insolvency considerations. The SEC moved to probe the alternate and requested entry to transaction information and wallets used to carry prospects’ belongings.
In response, Zipmex claimed it was treading with warning in submitting the paperwork as its father or mother firm ‘Zipmex Pte. Ltd’ just isn’t underneath the regulatory jurisdiction of Thailand’s SEC.
