The cryptocurrency exchange Zipmex is the focus of a new probe by the Securities and Exchange Commission (SEC) of Thailand for a breach of local rules. 

A Bloomberg report revealed that local authorities are looking into activities that they believe may violate business rules for digital asset service providers. This includes its offerings of certain digital asset products.

According to the Thai SEC, Zipmex has until Jan. 12 to clarify whether it has been functioning as a “digital asset fund manager without permission” in Thailand. If true, the firm would have needed to obtain a permit before conducting business in the country.

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Zipmex is currently in the process of being acquired by V Ventures, a subsidiary of Thoresen Thai Agencies PCL, for around $100 million. 

This story is currently developing and will be updated.