Thai SEC files a Police Complaint Against Zipmex

Key Takeaways:

  • The Securities and Exchange Commission (SEC) of Thailand has reported cryptocurrency exchange Zipmex and Akalarp Yimwilai, the firm’s founders and CEO of its Thai branch, to the police.
  • Although it was claimed that the Zipmex exchange had revealed to them a fault with their ZipUp+ application, the findings do not yet support this.

The country’s securities and exchange commission filed a police complaint against the Thailand-based Zipmex exchange, which suspended withdrawals on July 20.

According to the Thailand SEC’s official announcement, Zipmex and CEO Eklarp Yimwilai were implicated after filing a petition with the Technology Crimes Investigation Center.

Zipmex has announced the suspension of its digital asset trading service. Baht deposits and withdrawals, as well as digital asset withdrawals Due to issues with the ZipUp+ program, also known as “Zipup Plus,” the Securities and Exchange Commission (SEC) is gathering and verifying facts about Zipmex’s business activities.

The SEC took action because Zipmex and Akalarp failed to deliver the information by the deadline, according to the regulator.

The Singapore-based exchange was one of many cryptocurrency businesses that suffered from a collapse in the market brought on by bad debts and heavy leverage.

Babel Finance and Celsius received loans from Zipmex totaling $48 million and $5 million, respectively. The High Court of Singapore handed it refuge from creditors until December 2 last month.

Businesses and operations like electronic wallet data (wallet) used to store customer assets are examples of digital asset business activities.

The competent authority exercising duties under Section 51 of the Digital Asset Business Act B.E.

Additionally, information regarding the transfer or withdrawal of digital assets, but Zipmex and Mr. Eklarp are in a situation where they are unable to provide the appropriate official with this information within the deadline.

Upon receiving notice from the competent official, only a portion of the data was provided, was inadequate, and included the circumstance of the delay in failing to provide the information required by the relevant official without proper grounds or an unjustified justification.

Recently, it was reported that the struggling Babel Finance may have had contact with the cryptocurrency exchange Zipmex.

Babel Finance, a Hong Kong-based cryptocurrency lender struggling to repay its customers in the wake of the recent crypto economic meltdown, stopped accepting withdrawals on June 17.

According to reports, the collapse of Babel Finance had an impact on the viability of multiple cryptocurrency exchanges.

Recently, it was reported that the struggling Babel Finance may have had contact with the cryptocurrency exchange Zipmex.

Babel Finance, a Hong Kong-based cryptocurrency lender struggling to repay its customers in the wake of the recent crypto economic meltdown, stopped accepting withdrawals on June 17.

According to reports, the collapse of Babel Finance had an impact on the viability of multiple cryptocurrency exchanges.

It will be recalled that on July 20, the stock exchange, which operates not only in Thailand but also in many other South Asian countries, said that it had ceased all withdrawal operations pending a future statement. For this action, the business claimed “changing market conditions.”

In addition, it was well known that the stock markets were having liquidity issues and that there had been sharp declines in the crypto markets, particularly as a result of the Terra LUNA crash at the beginning of May.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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