The Securities and Exchange Commission of Thailand filed a police complaint against cryptocurrency exchange Zipmex and Akalarp Yimwilai, co-founder of the company and CEO of its Thai unit, for non-compliance with local regulations.
Thai SEC said in a statement that Zipmex had been asked to disclose transactional information on e-wallets and on any transfers or withdrawals of digital assets.
The company, however, did not provide the information by the deadline. The data that was submitted was also lacking and no justifiable explanation for the delay was given which prompted the regulator to take action.
In response, Zipmex claimed in a statement that it was now assembling pertinent documents that belonged to both Zipmex and Zipmex Pte. Ltd., a business that was not subject to the Thai SEC’s regulatory authority.
“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” the blog post noted.
In July, the Singapore-based Zipmex halted withdrawals on its platform due to financial difficulties caused by exposure to Babel Finance and Celsius. A few days later, The Thailand SEC started investigating potential investor losses caused by Zipmex.
Last month, Zipmex was granted a moratorium extension until December 2 by the Singapore High Court to resolve its liquidity issues. Later Zipmex requested meetings with the Thai SEC and other regulators to discuss the firm’s “recovery plan”.
