Former CEO of Zipmex Thailand Faces Charges Filed by Thai SEC

Crypto News– Thailand’s Securities and Exchange Commission (SEC) has leveled accusations of corruption and deception against former Zipmex Thailand CEO, Akarlap Yimwilai, as stated on Thursday. The SEC’s investigation revealed that customer assets held in the crypto exchange’s Z Wallet were transferred to overseas digital wallets prior to any announcement regarding changes in terms and conditions. This action contradicted the information provided by Zipmex Thailand, leading the regulator to assert that the exchange had engaged in fraud by presenting false statements.

Former CEO of Zipmex Thailand Faces Charges Filed by Thai SEC

According to his LinkedIn profile, the executive served as CEO of Zipmex Thailand from August 2018 to November 2023. Zipmex Thailand operates as a unit of Singapore-based Zipmex, led by Marcus Lim, and received approval to operate from the Ministry of Finance and SEC in 2020. Following recent developments, the commission directed the exchange to halt its digital asset trading and brokerage services, with the website carrying a notice of its suspension along with its mobile app.

Additionally, the SEC alleges that the reports submitted by Zipmex Thailand were inconsistent with the information it was able to uncover. Consequently, the SEC has filed a complaint against the CEO with the Office of the Provincial Crime Suppression Division, urging further legal action. The SEC emphasized that determining whether any laws were breached is a necessary step for the investigative authority to undertake.