The Securities and Exchange Commission of Thailand (Thai SEC) has filed a police complaint against cryptocurrency exchange Zipmex and Akalarp Yimwilai, cofounder of the company and CEO of its Thai unit, for non-compliance.

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Fast facts

  • In a statement, Thai SEC said it had ordered Zipmex to send in transactional details on digital assets transfers or withdrawals. 
  • But the exchange and Akalarp failed to meet the deadline, resulting in Thai SEC’s action, the statement said.
  • Zipmex, in response, said in a statement the company was currently in the process of compiling relevant documents that belong to both Zipmex itself and Zipmex Pte. Ltd., an entity which is not under the regulatory jurisdiction of the Thai SEC.
  • “With that said, any disclosure of Zipmex Pte. Ltd.’s information must be carried out with the utmost care and consideration to ensure that regulations are fully complied with and standards such as data privacy are duly observed,” Zipmex said. 
  • Zipmex in July had blocked customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners. 
  • Zipmex reportedly lost around US$100 million that it lent to crypto financial service provider Babel Finance after the latter halted withdrawals in June. 

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