According to a statement released on Thursday, Akarlap Yimwilai, the former CEO of Zipmex Thailand, was charged by Thailand’s Securities and Exchange Commission (SEC) of corruption and dishonesty.
Before a notice of the terms and conditions revisions was issued, the SEC discovered that user funds stored in the cryptocurrency exchange’s Z Wallet had been moved into foreign digital wallets. According to the regulator, this was not in line with the data that Zipmex Thailand provided.
“Therefore, it is considered that Zipmex Thailand has committed fraud by presenting false statements,” claimed the Securities and Exchange Commission. As to the executive’s LinkedIn page, he held the position of CEO at Zipmex Thailand from August 2018 to November 2023.
The Ministry of Finance and SEC gave Zipmex Thailand, a division of Singapore-based Zipmex led by Marcus Lim, permission to begin operations in 2020. The exchange was ordered by the commission last week to stop offering brokerage and trading services for digital assets. An announcement on the website and mobile app states that these services have been disabled.
Additionally, the SEC claims that Zipmex Thailand’s reports were inconsistent with the facts it was able to get.
In order for the Office of the Provincial Crime Suppression Division to consider taking additional legal action, the SEC filed a complaint against the CEO. The investigation authority must determine whether or not someone has broken the law, according to the SEC.