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Thailand's SEC is questioning whether Zipmex breached local rules surrounding digital asset funding.
In a letter to Zipmex Thailand's CEO Akalarp Yimwilai on 28 December 2022, the SEC said some of the firm's activities could be in violation of digital-asset business rules.
The SEC said Zipmex could have been operating as a “digital-asset fund manager without permission.”
In July, Zipmex Thailand temporarily suspended digital asset withdrawals from the company’s Z Wallet after Zipmex Singapore partners Babel Finance and Celsius Network collapsed.
Zipmex Asia is currently being acquired for US$100 million by Thoresen Thai Agencies subsidiary V Ventures.
In December, the SEC accused Zipmex of "discriminatory actions" and issued an investor warning after the group declared that Zipmex Group and any director, officer or employee have no obligation or responsilibty to customers.
The SEC has thereby cautioned customers “who are qualified as Zipmex’s creditors to carefully consider the agreements offered by the company before making a decision.”
It added that the body has asked Zipmex to take action as soon as possible “to ensure operations are fair and non-discriminatory.”