Thai SEC unveils fraud charges against ex-Zipmex Thailand boss

Thai securities regulator has filed charges against former Zipmex Thailand CEO with financial crimes and regulatory violations.

The Securities and Exchange Commission (SEC) of Thailand has brought charges against Akarlap Yimwilai, the former director and CEO of Zipmex Thailand, alleging fraudulent activities and failure to disclose crucial information during his tenure, resulting in financial losses for customers.

The SEC’s investigation reveals that Yimwilai transferred crypto from Zipmex Thailand’s wallets to overseas digital wallets before informing customers of changes to the service, misleading them about the safety of their assets.

Yimwilai is accused of violating Section 82 of the Digital Asset Business Operation Act B.E. 2561, while the SEC also accuses Zipmex Thailand of submitting inaccurate customer asset reports, violating regulatory requirements. The SEC has forwarded charges against Yimwilai to the Office of the Public Prosecutor (OPP) for further legal action.

The latest development follows Zipmex Thailand’s recent suspension of all asset trading activities in response to the SEC’s directives. As reported earlier, the decision to halt trading and depositing of assets was made to ensure compliance with the regulatory requirements established by the SEC.

Following several bankruptcies of crypto lenders, Zipmex has applied for court protection and requested legal aid to secure funding for repaying creditors. In November 2023, the platform presented a restructuring scheme aiming to reimburse creditors with $0.30 on the dollar. However, this plan faced resistance from key stakeholders.

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