Thailand’s Securities and Exchange Commission (SEC) has brought forth charges against the former CEO of Zipmex, Akalarp Yimwilai, accusing him of fraudulent activities involving the misrepresentation of information concerning customers’ digital assets.
According to a statement released on February 8, the Thai SEC alleges that during Akalarp’s tenure as CEO of Zipmex Thailand, he provided misleading statements regarding the transfer of assets from user Z Wallets to cryptocurrency wallets overseas. The SEC asserts that this discrepancy, contrary to Zipmex’s terms and conditions, constitutes acts of “corruption and deception” by withholding crucial information from customers.
The SEC has forwarded a complaint regarding Akalarp’s purported misconduct to Thailand’s Office of the Provincial Crime Suppression Division for potential legal action. Zipmex Thailand has also been implicated in similar allegations of fraud, stemming from discrepancies in customer assets uncovered during the SEC’s investigation.
Akalarp’s LinkedIn profile indicates that he served as the CEO of Zipmex Thailand from August 2018 to November 2023. Prior to this role, he held positions as a legal counsel and political correspondent within the Thai government for eight years.
Zipmex Thailand, the local subsidiary of Singapore-based cryptocurrency exchange Zipmex, reportedly underwent scrutiny from financial regulators following its acquisition by V Ventures in 2023. On February 2, the Thai SEC issued an order for Zipmex to temporarily suspend its digital asset trading and brokerage services, providing the company with a 15-day window to align with regulatory requirements.