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Wednesday, August 10, 2022

SEC Approved Four Thailand Crypto Firms Even With Zipmex Woes

Despite one of the country’s largest crypto companies banning withdrawals, Thailand’s regulators continue to approve new companies.

The Securities and Exchange Commission (SEC), Thailand’s financial watchdog, has authorized four additional cryptocurrency businesses in the country.

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Four more operators of digital assets received operating licenses from the SEC, according to local media on Thursday.

These include the cryptocurrency exchange T-BOX Thailand and Krungthai XSpring, a crypto broker connected to one of the major banks in the nation. Coindee, a cryptocurrency advisor and fund manager, and Leif Capital Asset Management, which also manages funds, both received regulatory clearance.

However, the four firms have not yet started their activities because the regulator needs to inspect them first.

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There are currently 21 fully regulated operators of digital assets in Thailand, including 9 exchanges, 9 brokers, and 3 fund managers. Despite the central bank’s attempts to impose restrictions, the military-backed government of the country has generally been accepting of cryptocurrencies.

SEC Approved Crypto Firms Despite Thailand’s Market Woes: 

According to the report, a further significant participant is planning to enter the booming Thai cryptocurrency sector. The joint venture “Gulf Binance” cryptocurrency exchange and brokerage are being developed by Middle east Innova and Binance Capital Management.

As the bull market gained traction, crypto volumes in the country increased by about 600 percent at the beginning of 2021.

The decision was made amid unrest over Zipmex, a Singaporean exchange in Thailand. Customers in Thailand utilizing Zipmex’s Z Wallet could not withdraw money as of late last month. Soon after, the SEC set up a hotline where Zipmex clients could report their losses in detail.

The SEC opened a probe into Zipmex on Monday, alleging that the corporation may have broken trading regulations by halting withdrawals. It claimed that the company gave insufficient justifications for such acts as “market fluctuations.”

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