Cryptocurrency exchange Zipmex in Thailand is in trouble

Cryptocurrency exchange Zipmex in Thailand is in trouble

The Securities and Exchange Commission (SEC) of Thailand has reported cryptocurrency exchange Zipmex and Akalarp Yimwilai, the firm’s founders and CEO of its Thai branch, to the police.

The SEC is reportedly gathering transactional data from Zipmex after the exchange stopped allowing withdrawals in July, according to an official statement.

According to the regulator, Zipmex and Akalarp didn’t provide the information that they were supposed to within the deadline period.

The Singapore-based exchange was one of many cryptocurrency businesses that suffered from a collapse in the market brought on by bad debts and heavy leverage. Babel Finance and Celsius received loans from Zipmex totaling $48 million and $5 million, respectively. The High Court of Singapore granted it protection from creditors until December 2 last month.

Subscribe to Technology insight on Telegram for all the latest updates

A representative from Zipmex said that the firm is working in the process of assembling all the necessary documents which belongs to Zipmex and Zipmex Pte. Ltd, an entity which is not under the regulatory jurisdiction of the Thailand.

The firm said that any disclosure of Zipmex Pte Ltd’s information must be carried out with careful and consideration to ensure that regulations are fully complied with data privacy standards. They further added that their utmost priority is their valuable customers. Zipmex said that their customers can relax knowing that the company is taking action with their best interests in mind.  

On August 26, Zipmex hired Australian reorganization company KordaMentha to help with their recovery strategy.

Also read about: Brazil banned the crypto exchange Bybit from brokering securities

Social share
Technology insight
Technology insight

Online Tech Magazine/Website where you will get all the latest news/articles/stories/reviews/unique perspective on modern technologies like Cryptocurrencies, Blockchain Technologies, NFTs, Artificial Intelligence, Deep Learning, Machine Learning, Quantum Computing and much more

Leave a Reply

Your email address will not be published.