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Thailand Regulators Investigate Troubled Zipmex Over Earn Program ZipUp+
The Securities and Exchange Commission of Thailand is reportedly investigating troubled crypto firm ZipMex for possible misconduct in its Earn program named ZipUp+. According to a letter sent to the company’s CEO Akalarp Yimwilai on December 28 and shared with reporters, the Thai SEC is demanding clarity from Zipmex’s local unit on how it operated the Earn program. Per the letter, the Thai regulatory agency is accusing Zipmex of offering risky and unapproved crypto services against the Emergency Decree.
Zipmex Troubles in Thailand
Zipmex paused withdrawal and other services mid-last year after reporting a $53 million exposure to Babel Protocol and Celsius Finance.
As a result, the company filed for bankruptcy protection under Singapore’s judicial system.
With the company’s huge growth in Southeast Asia, several investors including V ventures had offered to bail out the troubled cryptocurrency e
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