Zipmex facing legal battle with Thailand SEC over non-compliance

Thailand’s SEC defendant Zipmex and its CEO, Eklarp Yimwilai, did not respond to requests to provide details of the transactions and wallets used to hold customer funds prior to the withdrawal freeze.

Zipmex suspended all withdrawal requests from Z Wallet on July 20th. The SEC issued a letter on July 21 asking for clarification on how assets held on exchanges are managed.

Latest SEC update said Zipmex did not fully comply with the request. Zipmex and Eklarp Yimwilai are said to have been slow to submit information and eventually sent incomplete details.

According to the SEC, the company’s excuse was unreasonable. As a result, Thai police were invited to handle the case.

Such actions by Zipmex and Mr. Eklarp are deemed to be in violation of the officer’s orders. This is a crime and is punishable under section 75 of the Digital Assets Act. The SEC charges her Zipmex and Eklarp with the ACT and will consider further legal action.

Zipmex tread carefully

zipmex September 7 update The parent company, Zipmex Pte. Ltd., is not under the regulated jurisdiction of the SEC of Thailand.

Added Zipmex:

“Disclosure of Zipmex Pte. Ltd. information must be carried out with the utmost care and consideration to ensure full regulatory compliance and proper compliance with standards such as data privacy.”

Zipmex withdrawal status

Zipmex Gradually resumed On July 22nd, we authorized withdrawals from our trade wallets, and on August 2nd, we authorized withdrawals from our Z wallets.

Users were able to transfer Solana (SOL), Ripple (XRP), and Cardano (ADA) from Z wallet to Trade wallet before completing the withdrawal process.

Ethereum (ETH) and Bitcoin (BTC) withdrawals were also possible, but were restricted due to limited liquidity. Users with less than 0.08 ETH and 0.0045 BTC were able to withdraw easily by transferring money from Z wallet to Trade wallet.

zipmex Blog update It said that from September 7, 2022, user wallet addresses for BTC, BCH and XRP will change.

Added Zipmex:

“This wallet address change is due to wallet changes to accommodate and support more digital assets in the future.”

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