Thailand’s Securities and Exchange Commission (SEC) has written to cryptocurrency exchange Zipmex Thailand seeking clarification on whether it has been operating as a digital-asset fund manager without permission, according to a Bloomberg report.

See related article: Thailand bans crypto lending and staking services

Fast facts

• Thailand’s SEC has written to Zipmex Thailand’s chief executive Akalarp Yimwilai pointing out that some of the exchange’s business may be violating the digital asset rules.

• Zipmex Asia Pte. is being acquired by V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, for about US$100 million, the report said.

• In July, Zipmex blocked customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners.

• Thailand has since been tightening its digital assets oversight after authorities were criticized for failing to protect Zipmex’s local investors.

• See related article: Thailand’s SCBX scraps plan to buy 51% stake in crypto exchange Bitkub