The Securities and Change Fee (SEC) of Thailand is investigating Zipmex to determine 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 prospects to earn returns for holding their property within the ZipUp and ZipUp+ earn merchandise.
Because of the nature of Zipmex’s earn merchandise, the SEC alleged that the trade was unduly working as a fund supervisor.
“The corporate might have been working as a digital-asset fund supervisor with out permission,” the SEC mentioned.
The SEC has urged Zipmex to come back 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 amass the trade 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’ property.
Again in July 2022, Zipmex halted withdrawals because of insolvency issues. The SEC moved to probe the trade and requested entry to transaction data and wallets used to carry prospects’ property.
In response, Zipmex claimed it was treading with warning in submitting the paperwork as its dad or mum firm ‘Zipmex Pte. Ltd’ is just not beneath the regulatory jurisdiction of Thailand’s SEC.
