Thailand Securities and Exchange Commission (SEC) has authorized four other crypto firms in the country, however, the firms have not fully begun their activities.
Four more crypto firms 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. 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, Thailand’s military-backed government has generally been accepting of cryptocurrencies.
According to the report, a further significant participant is planning to enter the booming Thai cryptocurrency sector. Gulf Innova and Binance Capital Management are developing the joint venture “Gulf Binance” cryptocurrency exchange and brokerage. As the bull market gained traction, crypto volumes in Thailand increased by about 600 percent at the beginning of 2021.
The decision was made in the midst of unrest over Zipmex, a Singaporean exchange that also has operations 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 an investigation 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, such as “market fluctuations.”
Zipmex resumes trading
According to reports, Zipmex began withdrawals for Solana (SOL) and Ripple (XRP) on Tuesday after the regulator ordered the firm to restart trading operations. Both withdrawals from its ZipUp+ service and withdrawals of larger assets like Bitcoin and Ether (ETH) are still halted.
The business announced on Thursday that it would resume all services right away.
Due to its exposure to Celsius and Babel Finance, Zipmex was affected by the crypto contagion this year. On Wednesday, Zipmex Thailand CEO Akalarp Yimwilai said that its parent company in Singapore had injected $5 million to compensate for the Celsius losses.