Thai SEC unveils fraud charges against ex-Zipmex Thailand boss

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Thai securities regulator has filed prices towards former Zipmex Thailand CEO with monetary crimes and regulatory violations.

The Securities and Trade Fee (SEC) of Thailand has brought prices towards Akarlap Yimwilai, the previous director and CEO of Zipmex Thailand, alleging fraudulent actions and failure to reveal essential data throughout his tenure, leading to monetary losses for purchasers.

The SEC’s investigation reveals that Yimwilai transferred crypto from Zipmex Thailand’s wallets to abroad digital wallets earlier than informing clients of adjustments to the service, deceptive them concerning the security of their property.

Yimwilai is accused of violating Part 82 of the Digital Asset Enterprise Operation Act B.E. 2561, whereas the SEC additionally accuses Zipmex Thailand of submitting inaccurate buyer asset experiences, violating regulatory necessities. The SEC has forwarded prices towards Yimwilai to the Workplace of the Public Prosecutor (OPP) for additional authorized motion.

The most recent improvement follows Zipmex Thailand’s current suspension of all asset buying and selling actions in response to the SEC’s directives. As crypto.information reported earlier, the choice to halt buying and selling and depositing of property was made to make sure compliance with the regulatory necessities established by the SEC.

Following a number of bankruptcies of crypto lenders, Zipmex has utilized for court docket safety and requested authorized help to safe funding for repaying collectors. In November 2023, the platform presented a restructuring scheme aiming to reimburse collectors with $0.30 on the greenback. Nonetheless, this plan confronted resistance from key stakeholders.

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