The Thai Securities and Exchange Commission (SEC) has filed a police complaint against the local cryptocurrency exchange Zipmex and its co-founder Akalarp Yimvilaiya.
The regulator noted that the companies were ordered to provide data on their business and operations, including information about wallets used to store assets. However, the platform supplied the information incompletely.
“Such actions by Zipmex and Mr. Akalarp are deemed a failure to comply with an order from a competent official. This constitutes an offense and carries a penalty under Section 75 of the Digital Assets Act,” the statement said.
According to the SEC, violators face up to a year in prison and a fine of up to 100,000 Thai baht (about $2,700). The complaint has been filed with the Cyber Crime Investigation Bureau of the Royal Thai Police.
In Zipmex, they clarified that the process of collecting the necessary information is ongoing.
“Any disclosure of information by Zipmex Pte. Ltd. must be conducted with the utmost caution and care to ensure full compliance with rules and standards such as data privacy,” the company stressed.
Zipmex had previously faced liquidity shortages after problems at its partners — Babel Finance and Celsius Network. Their obligations stood at $5 million and $48 million, respectively.
On July 20, the company suspended withdrawals, citing “unstable market conditions and the resulting financial difficulties for key business partners.”
A few days later Zipmex partially resumed deposits and withdrawals.
On August 15 the platform secured an extension of the moratorium on creditor protection until December 2. Later the exchange sent the SEC and other Thai regulators a request for discussion of a “recovery plan.”
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