Thai SEC examines Zipmex for violating certain crypto rules (report)

Thai SEC examines Zipmex for violating certain crypto rules (report)

The Thai Stock Supervisory Authority (SEC) has reportedly initiated an investigation against the needy cryptocurrency platform ZipMEX.

The supervisory authority will check whether the latter violated some domestic regulations when offering digital asset services and products.

Further problems for ZipMex

according to Bloomberg Cover Preserver-Spaces = "True "> The Supreme Financial Supervisory Authority Thailand will be the bankruptcy Zipmex due to violation of one law Examine "digital asset fund managers without permission".

The SEC will examine the Zipup and Zipup+programs of the platform that enabled users to achieve returns for their investments.

The watchdog previously wrote a warning letter to the CEO of Zipmex-Akalarp Yimwilai. Until January 12th, the crypto company has time to throw more light on its activities over the years and thus escape the official control.

The company was one of the main victims of the ongoing Baisse. It stopped Customer withdrawals in July last year, citing volatile market conditions and unveiled a commitment of $ 53 million in stricken crypto platforms (48 million US dollar) and Celsius ($ 5 million).

Zipmex Started Data Preserver-Spaces = "True"> Talks about possible takeover transactions with "interested parties" that could present a rescue plan. It also asked for meetings with the SEC regarding a possible recovery strategy and a donation collection in the millions that could reimburse some customers.

Despite the efforts, Zipmex could not solve its problems and spaserver-spaces = "true"> on insolvency protection. The company, which worked in Thailand, Singapore, Indonesia and Australia, was one of the leading cryptocurrency exchanges of Asia

At peak times it had over two million customers and enabled access to assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (CRP) and its Zipmex token (ZMT), which has been broken up by over 70 % since the platform announced its problems last summer.

Compared to its all-time high of $ 5.30, the current rating of around $ 0.17 corresponds to a drop by a whopping 96 %.

A takeover offer on the horizon

some sources taught that the investment company-v ventures based in Singapore-is in "advanced conversations" with a possible possible Acceptance agreement is located.

After completing the 100 million dollar deal, V Ventures receives a 90 percent participation in the needy company. The investment company allegedly pays $ 30 million in cash and the rest in cryptocurrencies. According to the court hearing, the digital assets will be used later to release the wallets of customers by the end of the first quarter of 2023.

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