The Thai Securities and Exchange Commission, or SEC, has accused cryptocurrency exchange Zipmex and its co-founder Akalarp Yimwilai of breaching local laws and has referred the matter to the police.
In a statement on Wednesday, the Thai SEC alleged that Zipmex had failed to provide information on digital wallets and cryptocurrency transactions in compliance with the country’s Digital Assets Law. The regulator alleged that both Akalarp and the exchange submitted incomplete information outside of an approved deadline without providing “reasonable cause” or excuse.
“Such actions by Zipmex and Mr. Akalarp are considered non-compliance with the orders of the competent official, which is an offense and has a sanction under Section 75 of the Digital Assets Law”said the regulatory body. “The SEC has charged Zipmex and Mr. Eklarp with the [Oficina de Investigación de Delitos Cibernéticos]to consider further legal action.”
ก.ล.ต. กล่าวโทษ Zipmex และผู้บริหาร ต่อ บช.สอท. กรณีไม่ปฏิบัติตามคำสั่งพนักงานเจ้าหน้าที่V https://wttt.่V
— ThaiSEC_News (@ThaiSEC_News) September 7, 2022
Zipmex responded to the SEC’s earlier request for information in a blog post on Wednesday, saying that it was “in the process of compiling relevant documents pertaining to both Zipmex itself and Zipmex Pte. Ltd., an entity that is not under the regulatory jurisdiction of the Thai SEC”:
“Any disclosure of Zipmex Pte. Ltd. information must be carried out with the utmost care and consideration to ensure full compliance with regulations and due observance of standards such as data privacy.”
The cryptocurrency exchange suspended withdrawals in July, citing a “combination of circumstances beyond [su] control.” At that time, Zipmex co-founder Marcus Lim denied reports that the exchange was experiencing financial difficulties. However, the company subsequently applied for debt relief in Singapore and was granted more than three months of creditor protection following a decision by the country’s High Court. The exchange has until December 2 to present a restructuring plan.
In a September 1 message on its Facebook page, Zipmex said it will hold an online meeting for English and Thai speakers on September 14 with its financial and legal advisers. The company operates cryptocurrency exchanges in Thailand, Australia, Indonesia, and Singapore.
Cointelegraph reached out to Zipmex but did not receive a response as of press time.
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