Thai regulator questions crypto firm Zipmex amid buyout

Thailand’s Securities and Exchange Commission (SEC) is questioning whether Zipmex Thailand has violated the country’s regulations on digital assets, Bloomberg reported.

According to a letter seen by Bloomberg, the SEC claims that Zipmex Thailand could be functioning as a “digital-asset fund manager without permission.” The statement specifically refers to the firm’s crypto returns-earning programs, ZipUp and ZipUp+.

The startup has to address this query by January 12.

In December, it had been reported that Zipmex Asia, the company’s Singapore-headquartered parent, was being acquired by V Ventures, a subsidiary of Thoresen Thai Agencies, for US$100 million.

Several months before that, Zipmex Asia had to file for a moratorium in several countries amid a liquidity problem. Since then, the firm has been restructuring.

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