Zipmex is being acquired by V Ventures for $100 million.
Crypto exchange Zipmex has become the subject of a probe by the Securities and Exchange Commission of Thailand. The Thai securities regulator is probing the exchange to determine whether it breached local rules when it offered certain digital-asset products., the Thai SEC has noted that some Zipmex’s activities may be in violation of the local digital asset business rules. The same was conveyed in a letter to Akalarp Yimwilai, the CEO of the crypto exchange.
The SEC believed that Zipmex may have been operating as a “digital-asset fund manager without permission.” The securities regulator has given the crypto exchange till 12 January to provide clarification on this matter. Zipmex’s ZipUP and ZipUP+ programs are the products under question. These products have been offered to the exchange’s clients since October 2020. Both products were managed and operated by Babel Finance. Clients of the exchange could earn a return on their tokens with these programs.comes at a rather crucial time for Zipmex. The Bangkok based crypto exchange is currently being acquired by V Ventures, which is a subsidiary of Thoresen Thai Agencies Pcl.
The acquisition is reportedly worth $100 million and will give V Ventures a 90% stake in the crypto exchange. It is essentially a bailout for the exchange’s customers who have been struggling to get their funds ever since the exchangeDue to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.