Cryptocurrency exchange Zimpex has found itself in trouble after Thailand’s Security Exchange Commission (SEC) launched a probe into the exchange for allegedly breaching local rules.
Zipmex has been facing liquidity crisis and it even halted withdrawals in July 2022. It obtained a three months moratorium in August to resolve the liquidity issues and is at the moment in the process of being bought out by V Venture, a subsidiary of Thoresen Thai Agencies PCL for a total of about $100 million.
According to a report by Bloomberg, Thailand authorities are investigating activities that they believe could have violated the business rules for digital asset providers in the country. The SEC has given Zipmex until January 12 to clarify if it has been operating as a “digital asset fund manager” in Thailand without permission.
If it is true that the exchange operated as a digital fund manager in Thailand, it ought to have obtained a permit for it to be allowed to conduct business in the country.
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