Thailand’s SEC Slams Zipmex With Police Complaint

Crypto exchange Zipmex is the recipient of a police complaint filed by Thailand’s Security and Exchange Commission (SEC) after the digital asset platform supposedly failed to meet a document submission deadline. 

Thai’s SEC asked the exchange to turn over transactional documents shortly after the platform paused withdrawals and deposits. EthereumWorldNews reported the news in July as the crypto exchange reportedly faced financial difficulties and volatile market conditions. 

At the time, rumors of insolvency followed the platform’s decision to suspend some trading features. However, CEO Marcus Lim debunked the speculation and stressed that the contagion would be managed.

Zipmex Plans To Cooperate With Thai Regulator

Thailand’s SEC released a statement on Wednesday saying that the Asian-based exchange has not provided all transactional documents requested by the regulator. The SEC tagged the documents submitted as incomplete. 

Furthermore, the regulator stated that the reason for the delay was an “unreasonable excuse”. In response to the incomplete submission, the SEC decided to pursue legal action against the exchange according to the provisions of the Digital Assets Acts. Thai’s regulator also included CEO Eklarp Yimwilai in the police complaint. 

However, a spokesperson for Zipmex said that the exchange has begun gathering the documents. The official told CoinDesk that regulators asked for documents from an entity not under the SEC’s regulatory purview.

As such, the exchange supposedly delayed submission to ensure compliance with standards and prioritize customer protection. Notably, is primarily based in two Southeast Asian jurisdictions – Singapore and Thailand. 

The exchange won a three-month moratorium from Singapore authorities as it navigates the aftermath of unfavorable market conditions.