The Securities and Exchange Commission (SEC) of Thailand is now conducting an investigation into the cryptocurrency exchange known as Zipmex, a report from Bloomberg reveals. The Thai securities authority is conducting an investigation into the exchange to establish whether or not it broke any local regulations when it sold a variety of digital asset items.

The agency has given Zipmex until the 12th of January to explain whether or not it has been operating as a crypto fund manager in Thailand without the proper authorization. Should this turn out to be the case, the company would have been required to first secure a license before beginning operations in the nation.

Since the latter half of 2022, Zipmex and the Thai Securities and Exchange Commission have been engaged in a dispute. The agency filed a complaint against Zipmex on September 7, 2022, with the local law enforcement agency, alleging that the cryptocurrency exchange provided insufficient information in its compliance procedural documents.

Note that V Ventures, a wholly owned subsidiary of Thoresen Thai Agencies PCL, is now in the process of completing an acquisition of Zipmex for close to one hundred million dollars. It has been stated that the exchange intends to use the funds obtained from the transaction to thaw client accounts by April 2023.

All of this transpires as a direct result of the publicized financial difficulties that Zipmex had back in July 2022. These difficulties included the suspension of withdrawals and the freezing of accounts. The stress was brought on by an extended bear market, which resulted in the closure of a number of companies operating in the sector as well as the mass termination of employees.