Thailand’s Securities and Exchange Commission Approves Four Crypto Firms Despite Zipmex Troubles

Thailand’s financial regulator, the Securities and Exchange Commission (SEC), has approved four other crypto companies in the kingdom.

August 4th, it is report In local media, the SEC has granted operating licenses to four other digital asset operators.

These include Krungthai XSpring, a cryptocurrency broker affiliated with one of the country’s leading banks, and T-BOX Thailand, a cryptocurrency exchange. Also receiving regulatory approval are cryptocurrency advisor and fund manager Coindee and Leif Capital Asset Management, which also manages the fund.

However, the four companies have not yet started operations as regulators still need to inspect their operations.

Thailand now has 21 fully regulated digital asset operators, including 9 exchanges, 9 brokers and 3 fund managers. Despite the central bank’s efforts to limit cryptocurrencies, Thailand’s military-backed government has largely tolerated cryptocurrencies.

The report states that another major player is waiting to enter the booming Thai crypto market. Gulf Innova and Binance Capital Management aim to launch a jointly owned “Gulf Binance” cryptocurrency exchange and brokerage business.

Crypto trading volumes in Thailand surged by nearly 600% in early 2021 as the bull market is gaining momentum.

related: After weeks of rumors, Thai cryptocurrency exchange Zipmex files for debt relief in Singapore

The move comes amid turmoil on Singapore-based exchange Zipmex, which also operates in Thailand. Late last month, Zipmex Thailand suspended withdrawals by customers in the country using its “Z Wallet”. Soon after, the SEC opened a hotline for Zipmex customers to submit details about their losses.

On Aug. 1, the SEC launched an investigation into Zipmex, claiming that the company’s suspension of withdrawals may have violated trading rules. It said the company cited “market volatility” and other actions as insufficient justifications.

As reported by Cointelegraph, regulators ordered the company to resume trading operations, and by Aug. 3, Zipmex had resumed withdrawals of Solana (SOL) and Ripple (XRP) the next day. Withdrawals of larger assets such as Bitcoin and Ethereum remain suspended, as are withdrawals from its ZipUp+ service.

On Aug. 4, the company tweeted that it was committed to restoring all services as quickly as possible.

Zipmex got caught up in this year’s crypto crisis with exposure to Celsius and Babel Finance. On August 3, Akalarp Yimwilai, chief executive of Zipmex Thailand, said its parent company in Singapore had injected US$5 million to make up for the loss in Celsius.