Thai SEC Files Fraud Charges Against Former Zipmex Thailand CEO

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Thai Sec and Exchange Commission building, representing regulatory actions against financial crimes and violations.
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Thai SEC Charges Ex-Zipmex Thailand CEO with Fraud

The Thai Securities and Exchange Commission (SEC) has filed charges against Akarlap Yimwilai, the former director and CEO of Zipmex Thailand, alleging fraudulent activities and regulatory violations during his tenure.

Allegations of Misleading Practices

The SEC investigation revealed that Yimwilai transferred cryptocurrency from Zipmex Thailand’s wallets to overseas digital wallets without informing customers beforehand. This action misled customers about the safety of their assets and violated regulatory requirements.

Legal Actions Taken

Yimwilai faces charges under Section 82 of the Digital Asset Business Operation Act B.E. 2561, while Zipmex Thailand is accused of submitting inaccurate customer asset reports. The SEC has forwarded the charges to the Office of the Public Prosecutor (OPP) for further legal proceedings.

Suspension of Asset Trading Activities

This development follows Zipmex Thailand’s recent suspension of all asset trading activities in response to Thai SEC directives. The decision aims to ensure compliance with regulatory requirements and safeguard customer interests.

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Bankruptcy and Restructuring Efforts

Amidst several bankruptcies of crypto lenders, Zipmex has sought court protection and legal aid to secure funding for repaying creditors. A restructuring scheme presented in November 2023 aimed to reimburse creditors with $0.30 on the dollar but faced resistance from key stakeholders.

Conclusion: Upholding Regulatory Integrity

The charges against the former CEO of Zipmex Thailand underscore the importance of regulatory compliance in the cryptocurrency industry. The SEC’s actions aim to uphold investor protection and maintain the integrity of the financial market in Thailand.



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