Zipmex Is Having Trouble With New Probe By The Thai SEC
Key Points:
- Thai SEC is looking into cryptocurrency exchange Zipmex during a takeover.
- The agency has given Zipmex until January 12 to respond and explain whether it has been operating in Thailand as a digital-asset fund manager without permission. If accurate, the company would have had to get a permit before starting operations there.
- The Thai regulatory body has made preparations to strengthen regulations for cryptocurrencies, putting investor protection as its top priority. Along with a nationwide prohibition on cryptocurrency loans, it also plans to establish rigorous regulations for crypto advertisements.
The Securities and Exchange Commission (SEC) of Thailand is currently looking into the cryptocurrency exchange Zipmex for allegedly breaking local laws.
According to a Bloomberg report, local authorities are looking into behaviors that they think may breach the terms of service for suppliers of digital asset services. This includes the products it offers as digital assets.
The Thai SEC has given the exchange until January 12 to respond and explain whether it has been operating in Thailand as a digital-asset fund manager without permission. If accurate, the company would have had to get a permit before starting operations there.
In July 2022, Zipmex openly experienced financial distress, which included stopping withdrawals and seizing accounts. The pressure was brought on by a protracted bear market that led to the closure of several enterprises in the sector and widespread layoffs.
In August, the exchange and the Thai SEC discussed a potential recovery strategy.
The agency filed a police report against Zipmex on September 7, alleging that the exchange provided “incomplete” information in its procedural compliance papers.
Since then, the Thai regulator has made measures to strengthen regulations for cryptocurrencies, putting investor protection first. Along with a nationwide prohibition on cryptocurrency loans, it plans to establish rigorous regulations for crypto advertisements.
V Ventures, a division of Thoresen Thai Agencies Pcl, is in the process of purchasing Zipmex for about $100 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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Zipmex Is Having Trouble With New Probe By The Thai SEC
Key Points:
- Thai SEC is looking into cryptocurrency exchange Zipmex during a takeover.
- The agency has given Zipmex until January 12 to respond and explain whether it has been operating in Thailand as a digital-asset fund manager without permission. If accurate, the company would have had to get a permit before starting operations there.
- The Thai regulatory body has made preparations to strengthen regulations for cryptocurrencies, putting investor protection as its top priority. Along with a nationwide prohibition on cryptocurrency loans, it also plans to establish rigorous regulations for crypto advertisements.
The Securities and Exchange Commission (SEC) of Thailand is currently looking into the cryptocurrency exchange Zipmex for allegedly breaking local laws.
According to a Bloomberg report, local authorities are looking into behaviors that they think may breach the terms of service for suppliers of digital asset services. This includes the products it offers as digital assets.
The Thai SEC has given the exchange until January 12 to respond and explain whether it has been operating in Thailand as a digital-asset fund manager without permission. If accurate, the company would have had to get a permit before starting operations there.
In July 2022, Zipmex openly experienced financial distress, which included stopping withdrawals and seizing accounts. The pressure was brought on by a protracted bear market that led to the closure of several enterprises in the sector and widespread layoffs.
In August, the exchange and the Thai SEC discussed a potential recovery strategy.
The agency filed a police report against Zipmex on September 7, alleging that the exchange provided “incomplete” information in its procedural compliance papers.
Since then, the Thai regulator has made measures to strengthen regulations for cryptocurrencies, putting investor protection first. Along with a nationwide prohibition on cryptocurrency loans, it plans to establish rigorous regulations for crypto advertisements.
V Ventures, a division of Thoresen Thai Agencies Pcl, is in the process of purchasing Zipmex for about $100 million.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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