Thai SEC Files Charges Against Former Zipmex Thailand CEO

CoinDeskPolicyPublished on 2024-02-07Last updated on 2024-02-08

Abstract

The Securities and Exchange Commission alleges customer assets were transferred overseas before an announcement was made.

  • Thailand's Securities and Exchange Commission has filed charges against former Zipmex Thailand CEO Akarlap Yimwilai.
  • The SEC accused the exchange of misleading customers and presenting false information.

Thailand's Securities and Exchange Commission (SEC) accused former Zipmex Thailand CEO Akarlap Yimwilai of corruption and deception, according to a statement on Thursday.

The SEC found that customer assets held in the crypto exchange's Z Wallet were transferred into overseas digital wallets before an announcement was made regarding changes in terms and conditions. This did not correspond with the information Zipmex Thailand had supplied, the regulator said.

"Therefore, it is considered that Zipmex Thailand has committed fraud by presenting false statements," the SEC said. The executive was CEO of Zipmex Thailand between August 2018 and November 2023 according to his LinkedIn profile.

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Zipmex Thailand is a unit of Singapore-based Zipmex, headed by Marcus Lim, and was granted approval to operate by the Ministry of Finance and SEC in 2020. Last week, the commission ordered the exchange to suspend its digital asset trading and brokerage services, and the website carries an announcement saying it and its mobile app have been disabled.

The SEC also alleges that reports submitted by Zipmex Thailand were inconsistent with information it was able to ascertain.

The SEC filed a complaint against the CEO with the Office of the Provincial Crime Suppression Division for it to consider taking further legal action. Determining whether or not someone has broken the law is a step that the investigative authority has to take, the SEC said.

CoinDesk contacted Zipmex Thailand by email and Akarlap Yimwilai through his LinkedIn profile. Neither had responded by publication time.

Read more: Thai Regulator Orders Zipmex to Suspend Digital Asset Trading and Brokerage Services

Edited by Sheldon Reback.



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