The Thai Securities and Exchange Commission (SEC) has filed a police complaint against local cryptocurrency exchange Zipmex and its co-founder, Akalarpa Yimwilaya.

The regulator noted that the company must provide data about its business and operations, including information about wallets used to store assets. However, the platform conveyed this information incompletely.

“Such actions by Zipmex and Mr. Akalarp are considered non-compliance with the order of an authorized official. This is a crime and punishable under Article 75 of the Digital Assets Act.

According to the SEC, violators face one year imprisonment and fines of up to 100,000 Thai baht (about $2,700). The complaint has been forwarded to the Royal Police Cybercrime Investigation Bureau.

Zipmex announced that the process of collecting the necessary information is continuing.

“Any disclosure of Zipmex Pte. Ltd. It should be carried out with the utmost care and attention to ensure full compliance with regulations and standards such as data privacy.

Recall that Zipmex faced a lack of liquidity after problems arose with partners – Babel Finance and Celsius Network. Their debts are $5 million and $48 million, respectively.

On July 20, the company suspended the withdrawal of funds, citing “caused by unstable market conditions and financial difficulties of key business partners.”

A few days later, Zipmex partially resumed deposits and withdrawals.

On August 15, the platform managed to extend the moratorium on protection from creditors until December 2. The exchange later filed a request with the SEC and other Thai regulators to discuss a “recovery plan.”

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