SEC of Thailand accuses crypto exchange Zipmex of hiding information about transactions

The data on the platform’s operations was not provided to the regulator in time

07.09.2022 - 13:05

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What’s new? Thailand’s Securities and Exchange Commission (SEC) has filed a complaint with the Royal Thai Police (RTP) against cryptocurrency exchange Zipmex and its local co-founder and CEO Akalarp Yimwilai. According to the statement, the regulator began collecting information on Zipmex transactions after the exchange suspended withdrawals on July 20. Zipmex and Akalarp failed to meet the data deadline, which prompted the SEC’s action.

Statement by Thailand’s SEC

What is going on with Zipmex? The exchange explained the freezing of funds by unstable market conditions and the financial difficulties of its key partners. As early as July 21, Zipmex resumed deposit and withdrawal functions, and on August 11 it partially resumed withdrawals in BTC and ETH — only for users of its own crypto wallet, Z Wallet. The platform also facilitated full withdrawals in Solana, Ripple, and Cardano.

On July 24, Zipmex received an offer to save the business from anonymous. The company did not specify whether the offer involved an investment in the platform or its buyout.

On July 22, the exchange applied to a court in Singapore to impose a moratorium on proceedings with creditors. On August 15, the court granted Zipmex just over three months to resolve its liquidity problems.

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