SEC Targets Former Zipmex Thailand CEO amid Fraud Allegations
Thailand's Securities and Exchange Commission (SEC) 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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Thailand's Securities and Exchange Commission (SEC) has leveled accusations of corruption and deception against Akarlap Yimwilai, the former CEO of Zipmex Thailand, according to an official statement released on Thursday.
Irregularities in Customer Asset Management
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 the 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.
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 that further legal action 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, 2024Compliance 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.
This article was written by Tareq Sikder at www.financemagnates.com.Why this matters
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