According to a Bloomberg coverage, the top financial regulator of Thailand will probe the bankrupt Zipmex for violating local laws and running a “digital-asset fund manager without permission.” 

The SEC will investigate the platform’s ZipUP and ZipUP+ programs which enabled users to earn returns on their investments.

The watchdog previously wrote a warning letter to Zipmex’s CEO – Akalarp Yimwilai. The crypto firm has until January 12 to shed more light on its activities over the years and thus escape the regulatory scrutiny.

The company was among the main victims of the prolonged bear market. It paused customer withdrawals in July last year, citing volatile market conditions, and revealed a $53 million exposure to struggling crypto platforms – Babel Finance ($48 million) and Celsius Network ($5 million).