Thailand’s SEC Slams Zipmex With Police Complaint

Summary:

Thailand’s Security and Exchange Commission has filed a police report against crypto exchange Zipmex.Authorities also lodged a complaint against Eklarp Yimwilai, CEO with the platform’s Thai division.The regulator claims Zipmex didn’t meet a submission deadline.Thai’s SEC requested transactional documents through the exchange following the platform paused withdrawals.A spokesperson told CoinDesk that Zipmex plans to adhere to the regulator but standards should be prioritized.

Crypto exchange Zipmex may be the recipient of a police complaint filed by Thailand’s Security and Exchange Commission (SEC) following the digital asset platform supposedly didn’t meet a document submission deadline.

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

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

Zipmex CEO & Co-founder Marcus Lim (Source: Forbes)

Zipmex Plans To Cooperate With Thai Regulator

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

Furthermore, the regulator stated that the reason behind the delay was an “unreasonable excuse”. In reaction to the incomplete submission, the SEC made a decision to pursue legal action contrary to the exchange based on the provisions with the Digital Assets Acts. Thai’s regulator also included CEO Eklarp Yimwilai in the authorities complaint.

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

Therefore, the exchange supposedly delayed submission to make sure compliance with standards and prioritize customer protection. Notably, Zipmex is dependent in two Southeast Asian jurisdictions – Singapore and Thailand.

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