Thai regulator investigates crypto exchange Zipmex

The Thai SEC is reported to be probing Zipmex over alleged violations of rules.

Thailand’s Securities and Exchange Commission (SEC) is reportedly investigating the crypto exchange Zipmex on the grounds of a potential breach of rules. 

The exchange, which recently announced a buyout by the Singapore-based firm Stack, is being probed by the regulator for alleged violations related to its operations and business practices.

According to the Bangkok Post, the investigation is aimed at determining whether Zipmex had violated any securities laws and regulations during its operations in the country. The regulator is also looking into whether the exchange had misled investors about its business practices.

A letter seen by Bloomberg News was written by the SEC and sent to Akalarp Yimwilai, CEO of Zipmex, stating that some of the company’s activities could have breached digital asset regulations.

The move by the Thai SEC comes amid growing scrutiny of the crypto industry by regulators globally. Zipmex’s buyout by Stack is also currently under investigation, as there’s still not much information provided about the details and terms of the deal.

The investigation could have serious implications for Zipmex, as the regulator has the power to impose penalties and fines if any violations are found. The exchange has not yet commented on the matter, and it remains unclear how the probe will affect the buyout.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.