Thailand’s Securities and Change Fee (SEC) has filed fees in opposition to former Zipmex Thailand CEO Akarlap Yimwilai, accusing him of corruption and deception.
The SEC claims that Yimwilai, throughout his tenure as CEO from August 2018 to November 2023, engaged in fraudulent actions, together with making false statements and concealing important info from the general public.
Misleading Asset Transfers and Inconsistent Data
The allegations stem from a discovery made by the SEC relating to the switch of buyer property from Zipmex Thailand’s Z Pockets to abroad digital addresses earlier than any official announcement was made relating to adjustments within the platform’s phrases and situations.
“Due to this fact, it’s thought-about that Zipmex Thailand has dedicated fraud by presenting false statements and concealing the reality which needs to be informed to prospects,” acknowledged the SEC in a Thursday report.
This motion contradicted the knowledge beforehand offered to its customers by Zipmex Thailand, ensuing within the SEC contemplating it fraudulent habits.
Following this, the company filed a criticism in opposition to Mr Yimwilai, who served as director and CEO of Zipmex Thailand, with the Workplace of the Provincial Crime Suppression Division, urging additional authorized motion in opposition to the previous CEO for his function in these misleading practices.
Zipmex Thailand, which is accountable for offering studies on buyer property according to the SEC’s announcement, has submitted info inconsistent with the findings of the company’s inspection.
In consequence, the SEC additionally highlighted potential authorized implications for such actions beneath Part 88 of the Digital Property Act, which pertains to coming into false info or omitting essential particulars within the accounts or paperwork of a enterprise entity.
SEC Orders the Suspension of Providers
In mild of those developments, Zipmex Thailand has confronted regulatory sanctions, with the SEC ordering the trade to droop its digital asset buying and selling and brokerage providers.
Guests to the Zipmex Thailand web site are greeted with an announcement confirming the suspension of providers, whereas the cell app has additionally been disabled.
Zipmex, a Singapore-based cryptocurrency trade platform, was based in 2019 and has quickly expanded its operations throughout Southeast Asia, together with Thailand, Indonesia, and Vietnam. Led by Marcus Lim, Zipmex gained approval to function in Thailand in 2020, licensed by the Ministry of Finance and the SEC.
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