Akalarp Yimwilai, the company’s cofounder and CEO of its Thai division, and cryptocurrency exchange Zipmex have been accused of noncompliance by the Securities and Exchange Commission of Thailand (Thai SEC).
Thai SEC said in a statement that Zipmex had been asked to disclose transactional information on any transfers of or withdrawals from digital assets.
The Thai SEC’s action was brought about by the exchange and Akalarp’s failure to meet the deadline, according to the statement.
In response, Zipmex claimed in a statement that it was now assembling pertinent documents that belonged to both Zipmex and Zipmex Pte. Ltd., a business that was not subject to the Thai SEC’s regulatory authority.
“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.
In July, Zipmex prevented clients from withdrawing their tokens, citing erratic market conditions and its partners’ financial issues.
After Babel Finance stopped allowing withdrawals in June, Zipmex reportedly lost roughly $100 million that it had provided to the company.