Zipmex is a cryptocurrency exchange from Australia that has been suspended by the Thai SEC. The company wants to meet with regulators to discuss its plans for recovery and resuming operations.
The Australian cryptocurrency exchange that was recently suspended by the Thai Securities and Exchange Commission (SEC), has requested meetings with regulators in order to discuss its recovery plan and lift the suspension placed on it by the watchdog.
According to an official letter sent out today, Zipmex claims that it is “actively seeking” a meeting with officials from Thailand’s Finance Ministry and Bank of Thailand as part of its attempts at recovering from recent issues that saw service temporarily suspended due to alleged unauthorized trading activity on their platform, reported a source recently.
Zipmex Requested A Meeting With The Regulator
According to local media reports, Zipmex has requested meetings with regulatory authorities and the Ministry of Finance to discuss recovery plans for its operations in Thailand. The company’s management team also intends to meet with SEC chairman Piyabutr Saengboriboon shortly to discuss the licensing process for new exchanges.
In its complaint, the SEC accuses Zipmex of operating as an unregistered broker-dealer, which led to it violating securities laws by selling tokens without registering with regulators or filing a prospectus. The regulator also said that Zipmex violated rules governing trading in futures contracts since it did not register with the CFTC before offering its platform for trading.
In addition, the SEC says that Zipmex’s founder and CEO, Joseph Raffaeli, was involved in fraudulent activity related to an earlier company he owned called Digital Mint Exchange (DMX). He allegedly misappropriated $1 million from DMX to fund Zipmex’s operations.
The exchange says it will adhere to all applicable laws moving forward and will also cooperate fully with any other investigations conducted by relevant authorities in Thailand or abroad. It’s now looking for ways to fix problems involving money laundering reports from local police departments related to some customers’ transactions during January-March 2019 period without violating any laws.