Thailand’s Securities and Exchange Commission (SEC) has charged the former CEO of Zipmex Thailand for publishing false information and misleading customers. The SEC said Akarlap Yimwilai, who was in charge of the Thai unit of the Singapore crypto exchange from 2018 to 2023, misled customers, even as US rival exchange Bakkt cites cash flow issues.
The Thai SEC accused former Zipmex Thailand CEO Akarlap Yimwila of corruption and deception in a statement on Thursday.
Thailand SEC Accuses Zipmex of Fraud
According to the Thai SEC, Zipmex Thailand moved funds from Zipmex’s Z Wallet to an overseas crypto wallet. This action contradicts the wallet’s terms of service, in which customers do not expect their funds to be moved for the company’s benefit. The SEC says that the action constitutes fraud and has petitioned the CEO of the Provincial Crime Suppression Division Office to investigate the allegations.
Read more: Crypto vs. Stocks: Where To Invest Your Money in 2023
Zipmex Thailand is the local business of its Singapore parent, Zipmex, and received an operating license from the SEC in 2020. The regulator fined the exchange and Yimwilai for alleged violations of the digital asset trading law in 2021. Last week, it ordered the business to suspend its digital asset trading and brokerage.
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Author: David Thomas
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