Thailand's SEC to probe Zipmex unit's earnings products

According to The Block, Thailand’s Securities and Exchange Commission is investigating ZipUp and ZipUp+, the revenue products of Zipmex’s subsidiary Zipmex Company Limited in Thailand, asking for a clear explanation of how the product works, and saying that Zipmex did not approve the product without approval. Launching the product may have violated the regulations. According to Thailand’s decree on digital asset businesses, anyone managing funds related to digital assets needs to be licensed by the country’s Ministry of Finance. Zipmex stated that when ZipUp was first launched in Thailand, it only used the company’s funds for marketing purposes to issue bonuses, and did not deploy funds like revenue products, but the funds used to pay ZipUp bonuses later were obtained through actual deployment funds. Such a move would be a violation of regulations without regulatory approval.