The
Securities and Exchange Commission (SEC) of Thailand has leveled accusations of
corruption and deception against Akarlap Yimwilai, the former CEO of Zipmex
Thailand, according to an official statement released on Thursday.
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The
SEC’s investigation revealed irregularities concerning customer assets held
within Zipmex Thailand’s Z Wallet. It was uncovered that these assets had been
transferred to overseas digital wallets prior to an official announcement
regarding changes in terms and conditions, contradicting the information
provided by Zipmex Thailand to regulators.
In
its statement, the SEC asserted that Zipmex Thailand had engaged in fraudulent
behavior by presenting false statements regarding the handling of customer
assets. Yimwilai served as the CEO of Zipmex Thailand from August 2018 until
November 2023, as indicated by his LinkedIn profile.
Zipmex Thailand operates
as a subsidiary of the Singapore-based Zipmex, led by Marcus Lim. The company
received approval to operate from the Ministry of Finance and SEC in 2020.
However, in response to the SEC’s findings, the commission issued an order for
Zipmex Thailand to suspend its digital asset trading and brokerage services. A
notice on the company’s website and mobile app indicates that both platforms
have been disabled.
Keep Reading
Furthermore,
the SEC alleges that reports submitted by Zipmex Thailand were inconsistent
with the information obtained during the investigation. Consequently, the SEC
has filed a formal complaint against Yimwilai with the Office of the Provincial
Crime Suppression Division, urging further legal action to be considered.
🚨 Thailand’s SEC accuses former Zipmex Thailand CEO Akarlap Yimwilai of fraud, alleging mismanagement of customer assets & deception. #Zipmex’s operations halted as investigations continue.
— Satoshi Club (@esatoshiclub) February 8, 2024
Compliance
Deadline Lapses
Earlier,
the SEC ordered Zipmex
Thailand to halt its digital asset trading and brokerage services temporarily, as
reported by Finance Magnates.
The decision came after Zipmex Thailand had failed to address financial and operational
concerns despite warnings. Following a 15-day corrective period, which ended on
January 12, 2024, the SEC Committee decided on February 1, 2024, to take action
due to Zipmex Thailand’s unresolved issues related to capital maintenance, business
structure, and potential offenses involving customer property.
The
Securities and Exchange Commission (SEC) of Thailand has leveled accusations of
corruption and deception against Akarlap Yimwilai, the former CEO of Zipmex
Thailand, according to an official statement released on Thursday.
The
SEC’s investigation revealed irregularities concerning customer assets held
within Zipmex Thailand’s Z Wallet. It was uncovered that these assets had been
transferred to overseas digital wallets prior to an official announcement
regarding changes in terms and conditions, contradicting the information
provided by Zipmex Thailand to regulators.
etoro: Experience a reliable, user-friendly platform trusted by millions. Stay ahead in the crypto world. Board the Crypto Train now!
In
its statement, the SEC asserted that Zipmex Thailand had engaged in fraudulent
behavior by presenting false statements regarding the handling of customer
assets. Yimwilai served as the CEO of Zipmex Thailand from August 2018 until
November 2023, as indicated by his LinkedIn profile.
Zipmex Thailand operates
as a subsidiary of the Singapore-based Zipmex, led by Marcus Lim. The company
received approval to operate from the Ministry of Finance and SEC in 2020.
However, in response to the SEC’s findings, the commission issued an order for
Zipmex Thailand to suspend its digital asset trading and brokerage services. A
notice on the company’s website and mobile app indicates that both platforms
have been disabled.
Keep Reading
Furthermore,
the SEC alleges that reports submitted by Zipmex Thailand were inconsistent
with the information obtained during the investigation. Consequently, the SEC
has filed a formal complaint against Yimwilai with the Office of the Provincial
Crime Suppression Division, urging further legal action to be considered.
🚨 Thailand’s SEC accuses former Zipmex Thailand CEO Akarlap Yimwilai of fraud, alleging mismanagement of customer assets & deception. #Zipmex’s operations halted as investigations continue.
— Satoshi Club (@esatoshiclub) February 8, 2024
Compliance
Deadline Lapses
Earlier,
the SEC ordered Zipmex
Thailand to halt its digital asset trading and brokerage services temporarily, as
reported by Finance Magnates.
The decision came after Zipmex Thailand had failed to address financial and operational
concerns despite warnings. Following a 15-day corrective period, which ended on
January 12, 2024, the SEC Committee decided on February 1, 2024, to take action
due to Zipmex Thailand’s unresolved issues related to capital maintenance, business
structure, and potential offenses involving customer property.
