This narrative is in progress and will be revised as new details emerge.
The Thai Securities and Exchange Commission (SEC) has started an investigation into the cryptocurrency exchange Zipmex for breaching local regulations.
A report from Bloomberg disclosed that the authorities are examining their digital asset products to determine if the company has been operating as a digital asset fund manager without the necessary authorization.
The Thai SEC has asked Zipmex to clarify the situation by January 12th and the firm is currently in the middle of being purchased by V Ventures, the subsidiary of Thoresen Thai Agencies PCL, for around $100 million. This story is still developing and will be updated.