- Thai SEC has taken legal action against a crypto exchange CEO.
- The development comes after the SEC recently asked the exchange to suspend its operations.
- The complaint is filed with the provincial crime division.
In its latest regulatory action, Thailand’s Securities and Exchange Commission (SEC) has filed charges against the former director and CEO of cryptocurrency exchange Zipmex.
The development comes after the regulator ordered Zipmex to suspend its trading and brokerage services on February 2, accusing the exchange of failing to amend its net liquid capital maintenance and business management structure “to be appropriate and efficient.”
Former Zipmex CEO Faces Thai SEC Charges
According to a press release dated February 8, the SEC has filed charges against former Zipmex CEO Akarlap Yimwilai with the Office of the Provincial Crime Suppression Division to consider taking further legal action.
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The regulator accused Yimwilai of engaging in “the case of corruption and deception by presenting false statements to the public, or by concealing the truth that should be told to the people he obtained property from.”
Specifically, the regulator alleged that Zipmex transferred its customers’ digital assets from Z Wallet to overseas digital wallets before announcing changes to the terms and conditions of service.
“This does not correspond to the facts that Zipmex Thailand has confirmed in any way. Therefore, it is considered that Zipmex Thailand has committed fraud by presenting false statements. and conceal the truth which should be told to customers,” the SEC wrote.
Based on this and another allegation of submitting reports on customer assets with “information that is not consistent with the facts that the SEC has inspected,” the regulator argued that Yimwilai, in his capacity as the exchange’s CEO at that time, committed an offense under the Digital Assets Act.
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The SEC stated that it would follow the litigation process and “cooperate fully” with relevant agencies.
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