Thai SEC continues to impose various legal actions against crypto exchange Zipmex.
Thailand’s Securities and Exchange Commission (SEC), the main capital market regulatory authority in the country, has filed a police complaint against crypto exchange Zipmex and its CEO and co-founder Akalarp Yimwilai.
According to the press release shared on September 7th, the Thai SEC had no choice but to file a complaint, after Zipmex failed to provide the requested transaction information.
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The official statement claims that the Thai SEC requested Zipmex to provide information about client transfers and withdrawals. Based on the press release, the SEC had to encourage Zipmex to provide information. After an additional request, the crypto exchange submitted incomplete information.
The Securities and Exchange Commission's statement highlighted:
Such actions by Zipmex and Mr. Eklarp are considered to be non-compliance with the competent official's orders. Which is an offence and has a penalty under Section 75 of the Digital Assets Act, the SEC has accused Zipmex and Mr. Eklarp to the ACT, to consider further legal action.”
Moreover, the financial regulator emphasizes that a police complaint is only the beginning of all legal actions it will take against Zipmex.
In response, a Zipmex spokesperson noted that the company is currently working on gathering all relevant information requested by the SEC. Moreover, the spokesperson added that the company is doing its best to ensure customer data privacy and will provide only the most pertinent information.
With that said, any disclosure of Zipmex Pte Ltd’s information must be carried out with the utmost care and consideration to ensure that regulations are fully complied with and standards such as data privacy are duly observed. Customers can rest assured that the company is addressing this matter with your best interest in mind."
It is worth noting that Zipmex halted its withdrawals on July 20th. Afterward, the Thai SEC launched an investigation to analyze the damage halted withdrawals had on customers.
On July 22nd, Zipmex filed for bankruptcy protection against legal action from creditors. Later on, SEC fined Zipmex 1,92 million baht (around $52,287) for violating digital asset laws after halting its withdrawals.
