Thai SEC Filed complaint Against Zipmex

The country’s Securities and Exchange Commission has complained to the police against the Zipmex exchange, which is situated in Thailand and temporarily halted withdrawals on July 20.

After submitting a petition to the Technology Crimes Investigation Center, Zipmex and its CEO, Eklarp Yimwilai, were named in an official announcement by the Thailand Securities and Exchange Commission (SEC).

Zipmex has informed its users that it would temporarily halt its digital asset trading business. Deposits and withdrawals in Thai baht, in addition to withdrawals of digital assets. As a result of problems with the ZipUp+ program, which is also referred to as “Zipup Plus,” the Securities and Exchange Commission (SEC) is currently collecting and confirming facts regarding Zipmex’s commercial endeavors.

According to the regulator, the Securities and Exchange Commission (SEC) took action because Zipmex and Akalarp did not deliver the material by the deadline.

The collapse of the cryptocurrency market, brought on by unpaid debts and excessive leverage, caused a number of enterprises, including the Singapore-based exchange, to suffer financial losses.

Zipmex provided Babel Finance and Celsius with loans amounting to a combined total of 48 million dollars and five million dollars, respectively. In the previous month, the High Court of Singapore granted it protection from its creditors until December 2nd.

Examples of activities that use digital assets include businesses and operations, such as the data stored in electronic wallets (wallets), which customers use to store their assets.

The competent authority is responsible for carrying out the responsibilities outlined in Section 51 of the Digital Asset Business Act B.E.

In addition, information concerning the transfer or withdrawal of digital assets; however, both Zipmex and Mr. Eklarp are currently in a position where they cannot give the relevant official with this information in time for the deadline.

After receiving notification from the appropriate official, only a portion of the data was provided. This portion of the data was insufficient, and it included the circumstance of the delay in failing to provide the information required by the appropriate official without proper grounds or an unjustified justification.

Recent rumors suggest that the financially troubled Babel Finance may have spoken with the cryptocurrency exchange Zipmex.

On June 17, Babel Finance, a bitcoin lender based in Hong Kong that is having trouble repaying its customers in the wake of the recent breakdown in the cryptocurrency economic environment, stopped accepting withdrawals.

Reports indicate that the failure of Babel Finance affected the continued operation of several different cryptocurrency exchanges.

Recent rumors suggest that the financially troubled Babel Finance may have spoken with the cryptocurrency exchange Zipmex.

On June 17, Babel Finance, a bitcoin lender based in Hong Kong that is having trouble repaying its customers in the wake of the recent breakdown in the cryptocurrency economic environment, stopped accepting withdrawals.

Reports indicate that the failure of Babel Finance affected the continued operation of several different cryptocurrency exchanges.

It is important to keep in mind that on July 20, the stock exchange, active not only in Thailand but also in many other countries in South Asia, announced that it had suspended all withdrawal operations in anticipation of a future declaration. The company explained its decision to take this move by citing “changing market conditions.”

In addition, it was common knowledge that the stock markets were suffering from liquidity problems. It was also common knowledge that the cryptocurrency markets had experienced significant reductions, notably due to the Terra LUNA crash that occurred at the beginning of May.

More Stories: Binance Will Stop Support for USDC!

Leave A Reply

Your email address will not be published.

Disclaimer: All of the information on our website is posted in good faith and is only meant for general information. If a reader acts on information they find on our website, they do so at their own risk.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More