Thai regulator investigating Zipmex over potentially unauthorized earn program
The Securities and Exchange Commission of Thailand is investigating the local unit of troubled crypto exchange Zipmex over its earn program because of concerns that appear to include how the company represented the interest payments it made.
The regulator is demanding clarity from Zipmex Company Limited, Zipmex's Thailand unit, about how the program called "ZipUp/ ZipUp+" operated, according to a letter it sent to unit CEO Akalarp Yimwilai on Dec. 28 that was obtained by The Block. The letter states that Zipmex may have violated the country's regulations by offering the earn program without approval. Zipmex Thailand had gone beyond what it initially said about the program.
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