Business Technology

Thai SEC investigates crypto exchange Zipmex amid buyout

Zipmex

The Securities and Exchange Commission (SEC) of Thailand has opened a new investigation into the cryptocurrency exchange Zipmex on suspicion that it has broken Thai law.

According to Bloomberg, local authorities are looking into a practice that may be against the standards of conduct for providers of digital asset services. This pertains to its provision of specific digital asset items.

Zipmex has until January 12 to explain whether or not it has been acting as a “digital-asset fund manager” in Thailand without authorization, as required by the Thai SEC. If this is so, the company would not have been able to operate legally in the country without first obtaining the appropriate licencing.

V Ventures, a division of Thoresen Thai Agencies Pcl, has agreed to purchase Zipmex from the company for $100 million.

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