Thailand’s SEC accuses former Zipmex Thailand CEO Akarlap Yimwilai of publishing false information and misleading customers. Meanwhile, the cryptocurrency exchange has requested a two-month moratorium on some refunds. Meanwhile, Bakkt, the US-based exchange hit by the bear market, plans to liquidate $150 million worth of securities in order to operate next year.
Thailand SEC accuses cryptocurrency Zipmex of fraud
According to the Thai SEC, Zipmex Thailand moved the funds from Zipmex’s Z Wallet to an offshore cryptocurrency wallet. This action contradicts the wallet’s terms of service, where customers do not expect their funds to be moved for the benefit of the company. The SEC says the action constitutes fraud. It also states that it has petitioned the CEO of the Provincial Crime Suppression Division Office to investigate the allegations.
Zipmex Thailand is the local operation of its parent company Zipmex in Singapore. cryptokoin.comAs you follow from , Zipmex received a business license from the SEC in 2020. The regulator fined the exchange and Yimwilai for allegedly violating the digital asset trading law in 2021. Last week, he ordered the business to suspend digital asset trading and brokerage.
Court approves moratorium
Zipmex filed for a two-month moratorium on refunds amid bankruptcy reorganization during the cryptocurrency bear market. The exchange filed for bankruptcy in late July 2022 following the collapse of the Terra Luna ecosystem. Meanwhile, the court approved the moratorium. Shortly thereafter, Akarlap Yimwilai resigned as CEO of Zipmex Asia.
Bakkt crypto exchange faces liquidity issues
US-based crypto exchange Bakkt will also likely need protection from creditors. The company, which was also affected by the 2002 bear market, said it may not have enough liquidity to survive the next 12 months. In a recent filing with the U.S. Securities and Exchange Commission, the company said evolving conditions prevented it from expanding into offshore markets and generating revenue. Accordingly, the company plans to liquidate $150 million of its securities in order to obtain cash to continue its operations.
By the way, Intercontinental Exchange, which owns the NYSE, also owns the Bakkt exchange. The firm launched an initial public offering (IPO) in October 2021. Bakkt’s stock price has since fallen 85% to $1.45. Therefore, investors have lost a lot since the listing. The company’s trading revenues were also affected by the delisting of popular altcoins ADA, MATIC and SOL. Because the US SEC claimed that these tokens were unregistered securities.
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