Thailand’s Securities and Exchange Commission (SEC) released a statement on Thursday accusing Akarlap Yimwilai, the former CEO of Zipmex Thailand, of corruption and deception.
The SEC filed a complaint against the CEO with the Office of the Provincial Crime Suppression Division, urging further legal action to be considered. The SEC clarified that determining whether or not there has been a violation of the law is a step that the investigative authority must undertake.
The SEC stated that during his tenure as CEO of Zipmex Thailand, Akalarp allegedly presented false statements regarding the transfer of assets from user Z Wallets to crypto wallets abroad.
According to the SEC, before Zipmex Thailand announced changes in terms of service for ZipUp+ on May 8th, 2022, including turning off deposits and withdrawals from its digital wallet known as Z Wallet, customers’ digital assets were transferred out of their accounts.
This contradicts Zipmex Thailand’s statements that assets were not transferred for profit. According to the SEC, this fraudulent act involves false statements.
Mr. Ekalap is accused of violating Section 82 of the Digital Asset Business Operations Act 2018 for fraud. Zipmex Thailand also allegedly submitted inaccurate customer asset reports to the SEC, violating Section 88 by providing false information.
The SEC emphasizes that this accusation marks only the beginning of a legal enforcement process. Determining violations will be under the authority of investigating officers, prosecutors, and courts. The SEC pledges full cooperation with relevant agencies under the Digital Assets Act.
Zipmex, reportedly faced a probe by financial regulators over its acquisition by V Ventures in 2023. On Feb. 2, the Thai SEC ordered Zipmex to suspend its digital asset trading and brokerage services temporarily, giving the firm 15 days to comply with regulatory guidelines.