The cryptocurrency exchange Zipmex is the focus of a brand-new probe by the Securities and Exchange Commission (SEC) of Thailand for a breach of regional rules.

A Bloomberg report revealed that local authorities are looking into activities that they believe might break service guidelines for digital possession company. This includes its offerings of specific digital property products.According to the Thai

SEC, Zipmex has up until Jan. 12 to clarify whether it has actually been operating as a”digital asset fund manager without authorization “in Thailand. If true, the company would require to obtain a permit before carrying out organization in the country. Cast your vote now!Zipmex is currently in the procedure of being acquired by V Ventures, a subsidiary of Thoresen Thai Agencies PCL, for around$100 million. The exchange supposedly prepares to thaw customer

accounts using funds from the acquisition by April 2023.Pandoraland connected to Zipmex for information on the issue.Related: Thai SEC approves four crypto companies regardless of Zipmex problems The situation between Zipmex and the Thai SEC has been in progress given that late last year.

On Sep. 7 the company submitted an authorities report on Zipmex, which

alleged’ insufficient’information provided by the cryptocurrency exchange

in its compliance procedure materials.This all comes after Zipmex publicly dealt with financial turmoil back in July 2022, which consisted of halting withdrawal and freezing accounts. The pressure was due to an extended bear market which shuttered a variety of businesses in the market, in addition to mass layoffs.

Zipmex had remained in discussions with the Thai SEC in August for a potential healing plan. The Thai regulator has given that announced plans to tighten up guidelines for crypto with financier defense as its main focus. It also intends to create rigorous guidelines for crypto ads, along with a country-wide ban of crypto financing.