Thailand SEC goes after cryptocurrency exchange Zipmex amid buyout

  • Zimpex is in the process of being acquired by V Ventures.
  • The Thailand SEC is probing the exchange for breaching local rules.
  • These are allegations that Zimpex has been operating as a digital asset fund manager in Thailand without permission.

Cryptocurrency exchange Zimpex has found itself in trouble after Thailand’s Security Exchange Commission (SEC) launched a probe into the exchange for allegedly breaching local rules.

Zipmex has been facing liquidity crisis and it even halted withdrawals in July 2022. It obtained a three months moratorium in August to resolve the liquidity issues and is at the moment in the process of being bought out by V Venture, a subsidiary of Thoresen Thai Agencies PCL for a total of about $100 million.

Why the Thai SEC is after Zipmex

According to a report by Bloomberg, Thailand authorities are investigating activities that they believe could have violated the business rules for digital asset providers in the country. The SEC has given Zipmex until January 12 to clarify if it has been operating as a “digital asset fund manager” in Thailand without permission.

If it is true that the exchange operated as a digital fund manager in Thailand, it ought to have obtained a permit for it to be allowed to conduct business in the country.

All Dutch and English crypto news!

‘LEAKED BIDS’ — Binance, Galaxy Digital among secret bidders for Celsius assets

At least five firms placed bids on Celsius Network's crypto assets, including Binance, Bank To The Future and Galaxy Digital, according to leaked information shared...

UK’s FCA hints at why its given only 15% of crypto firms the regulatory nod

Despite the plans to turn the region into a bustling crypto hub, the United Kingdom's financial watchdog says it has given the all-clear to only...

CFTC’s Johnson urges Congress for expanded powers in crypto oversight

Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson has urged Congress to adopt legislation that "closes the current gap in the oversight of crypto spot...

US Senator Ted Cruz pushes for crypto in Congress… using snacks

Texan Republican Senator Ted Cruz is pushing the United States Congress to adopt cryptocurrency within its halls using an incentive both sides might agree on...

Beste exchanges

Koop je crypto bij Bitvavo