Thai SEC Complains to Police About Zipmex Bitcoin Exchange

The Securities and Exchange Commission of Thailand (SEC) has filed a police complaint against a local cryptocurrency exchange.Zipmex and its co-founder Akalarpa Yimvilaya.

The regulator noted that the company is prescribedprovide data about business and operations, including information about the wallets used to store assets. However, the platform transmitted this information in an incomplete manner.

“Such actions by Zipmex and Mr. Akalarpare regarded as failure to comply with the order of a competent official. It is an offense and punishable under Section 75 of the Digital Assets Act,” the post reads.

According to the SEC, violators face a year in prison and a fine of up to 100,000 Thai baht (about $2,700). The complaint has been forwarded to the Royal Police Cyber ​​Crime Investigation Bureau.

Zipmex clarified that the process of collecting the necessary information is ongoing.

“Any disclosure of Zipmex Pte. Ltd.should be carried out with the utmost care and attention to ensure full compliance with regulations and standards such as data privacy,” the company stressed.

Recall that Zipmex faced a lack of liquidity after problems with partners - Babel Finance and Celsius Network. Their liabilities are $5 million and $48 million, respectively.

On July 20, the company suspended withdrawals, citing "volatile market conditions and the resulting financial difficulties of key business partners." 

A few days later, Zipmex partially resumed deposits and withdrawals.

On August 15, the platform succeeded in extending the moratorium on protection from creditors until December 2. The exchange later submitted a request to the SEC and other Thai regulators to discuss a "recovery plan".

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