Thailand’s regulatory heat has reached Zipmex Thailand, with former CEO Akalarp Yimwilai charged with fraud cases.
The Securities and Exchange Commission (SEC) accused Yimwilai, during his leadership, of presenting customers with misleading information about their digital assets held in Z Wallets.
See Also: Zipmex Paused Operations In Thailand, Given 15 Days To Comply With Laws And Regulations
The SEC alleges Yimwilai falsely stated that user funds remained within Zipmex, while evidence suggests they were transferred to overseas crypto wallets.
This discrepancy, the SEC argues, constitutes “deception” and a violation of terms agreed upon by customers.
With a complaint filed, Yimwilai could face legal action through Thailand’s Office of the Provincial Crime Suppression Division.
The probe has also implicated Zipmex Thailand itself, as inconsistencies in customer asset reports surfaced during the investigation.
Yimwilai led Zipmex Thailand from 2018 to 2023. Prior to that, he was a legal counsel and political correspondent to the Thai government.
This latest blow follows an already rocky year for Zipmex Thailand.
Financial regulators probed their acquisition by V Ventures in 2023, and just days ago, the SEC ordered a temporary suspension of their digital asset services due to non-compliance with regulations.
See Also: Thailand Cryptocurrency Exchanges Getting Ready Ahead Of Crypto Tax Changes
Recently, Thailand’s SEC published an updated framework, signaling a push for more crypto-friendly regulations in the Southeast Asian country.
This includes removing retail investors’ limits for tokens backed by assets like real estate or infrastructure.
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