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According to reports, the Thai Securities and Exchange Commission is considering banning crypto operators from providing digital asset depository services. The regulations also prohibit crypto operators from paying returns on cryptocurrencies the users have deposited and used for loaning or reinvesting.
Outlawing Crypto Operators
Thai SEC plans to ban crypto operators. It is to safeguard investors and the general public from the dangers posed by these transaction providers and to aid in minimizing issues that might be mistakenly associated with services subject to regulation. The SEC stated that these operators might cause harm to individuals due to the lack of domestic and international supervision. Today, many global service providers are having issues with liquidity. The regulatory authority has asked crypto operators to stop offering their services and halt the withdrawal of digital assets from clients who are keeping an eye on the situation. Previously, the Southeast Asian exchange Zipmex had experienced issues due to its loan to Babel.
Thai SEC Files Police Complaint Against Zipmex
Akalarp Yimwilai, a co-founder of the company and the CEO of its Thai division, and the cryptocurrency exchange Zipmex have been the subject of a police complaint from Thailand's Securities and Exchange Commission (SEC). By a formal announcement, the SEC obtained transactional data from Zipmex after the exchange stopped accepting withdrawals in July. According to the regulator, the SEC took action because Zipmex and Akalarp failed to deliver the news by the deadline.