Former Zipmex CEO Akalarp Yimwilai Accused of Fraud by Thai SEC
Summary:
Thailand’s Securities and Exchange Commission (SEC) has accused Akalarp Yimwilai, ex-CEO of Zipmex Thailand, of fraud for allegedly providing misleading information about the transfer of digital assets. The SEC has referred a complaint to Thai authorities, suggesting further legal action. Zipmex Thailand, itself had also come under scrutiny for similar fraudulent claims. Amid allegations, the regulator suspended Zipmex's brokerage services temporarily, demanding regulatory compliance.
Ex-CEO of Zipmex, Akalarp Yimwilai, has been accused by Thailand’s Securities and Exchange Commission (SEC) of fraudulent actions for intentionally providing misleading information to clients regarding their digital assets. The Thai SEC announced on February 8 that while serving his tenure as Zipmex Thailand's CEO, Akalarp made erroneous claims about fund transfers from Z Wallets of users to overseas crypto wallets. The SEC pointed out that this act contradicts Zipmex's terms and conditions, referring to it as "manipulation and deceit" for withholding crucial details from clients. Thai authorities are now considering legal measures against Akalarp based on a complaint referred by the regulator. Zipmex Thailand was also accused of similar fraudulent actions after certain discrepancies were revealed about client assets during the SEC's investigation.
Akalarp's LinkedIn profile suggests that he held the position of Zipmex Thailand's CEO from August 2018 to November 2023 while concurrently serving as legal counsel and political reporter for the Thai Government over eight years. Zipmex Thailand, a subsidiary of Singaporean crypto platform Zipmex, reportedly came under financial regulatory scrutiny following its acquisition by V Ventures in 2023. Following this, on February 2, the Thai SEC put a temporary halt on Zipmex's digital asset trading and brokerage services, giving them a 15-day ultimatum to meet regulatory norms.
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Published At
2/8/2024 8:06:47 PM
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