Thailand's Securities and Exchange Commission (SEC) has charged former Zipmex CEO Akalar Yimvilai with fraud for misleading customers with information related to the use of their digital assets.
In a statement dated February 8, the Securities and Exchange Commission of Thailand said that during his tenure as CEO of Zipmex Thailand, Akalarp made false statements regarding the transfer of assets in Z users' wallets to cryptocurrency wallets overseas. According to the SEC, this failure to comply with Zipmex's terms constituted “corruption and deception” by withholding information from customers.
The regulator has referred a complaint about Akalarp's alleged actions to Thailand's Provincial Crime Squad for possible legal action. Zipmex Thailand has been implicated in similar fraud allegations over reports of client assets inconsistent with the SEC's investigation.
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Akalarp was the CEO of Zipmex Thailand from August 2018 to November 2023, according to his LinkedIn profile. He was also a legal adviser and political correspondent for the Thai government for eight years.
Zipmex Thailand, the local unit of Singapore-based cryptocurrency exchange Zipmex, is reportedly facing an investigation from financial regulators over its acquisition by V Ventures in 2023. On February 2, Thailand's SEC ordered Zipmex to temporarily suspend digital asset trading and brokerage services, giving the firm 15 days to comply with regulatory requirements.
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