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A crypto exchange in Thailand is now being accused by the country’s Securities and Exchange Commission of not fully complying with local regulations. The matter has already been forwarded to the Cyber Crime Investigation Bureau for further action.
The Thai SEC alleged that crypto exchange Zipmex did not comply with the country’s Digital Assets Act by not providing information on digital wallets and crypto transactions. In an announcement on Wednesday, the agency said that both crypto exchange Zipmex and its co-founder Akalarp Yimwilai forwarded incomplete information outside of the approved timeframe without offering reasonable cause or excuse for the delay, Cointelegraph reported.
“Such actions by Zipmex and Mr. Akalarp are considered to be non-compliance with the competent official's orders, which is an offense and has a penalty under Section 75 of the Digital Assets Act,” the agency said. “The SEC has accused Zipmex and Mr. Eklarp to the [Cyber Crime Investigation Bureau], to consider further legal action.”
Meanwhile, the crypto exchange has responded to SEC’s earlier request for information in a blog post on Wednesday. The company explained that it was “in the process of compiling relevant documents that belong to both Zipmex itself and Zipmex Pte. Ltd., an entity which is not under the regulatory jurisdiction of the Thai SEC.”
The crypto exchange also explained that it has to exercise caution to ensure that it continues to observe data privacy while complying with the regulator's request. “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,” the company added.
In July, the exchange cited a “combination of circumstances beyond control” as the reason for suspending withdrawals. Zipmex co-founder Marcus Lim denied reports at the time that said the company was facing financial troubles.
However, the crypto exchange later filed for debt relief in Singapore. The company was granted more than three months of creditor protection and has until December 2 to come up with a restructuring plan.
