Thai Securities Regulator Charges Former Zipmex Thailand CEO
The former director and CEO of Zipmex Thailand, Akarlap Yimwilai, is facing charges filed by the Thai Securities and Exchange Commission (SEC). The SEC alleges that Yimwilai engaged in fraudulent activities and failed to disclose important information during his tenure, resulting in financial losses for customers.
Fraudulent Transfers and Misleading Customers
An investigation by the SEC revealed that Yimwilai transferred cryptocurrency from Zipmex Thailand’s wallets to overseas digital wallets without informing customers of the changes. This misled customers about the safety of their assets.
Violations of Regulatory Requirements
Yimwilai is accused of violating Section 82 of the Digital Asset Business Operation Act B.E. 2561. Additionally, the SEC accuses Zipmex Thailand of submitting inaccurate customer asset reports, which is a violation of regulatory requirements.
Legal Action and Suspension of Trading Activities
The SEC has forwarded charges against Yimwilai to the Office of the Public Prosecutor for further legal action. In response to the SEC’s directives, Zipmex Thailand has suspended all asset trading activities to ensure compliance with regulatory requirements.
Crypto Lender Bankruptcies and Restructuring Plans
Zipmex has faced challenges in repaying creditors and has applied for court protection. The platform presented a restructuring scheme aiming to reimburse creditors with $0.30 on the dollar, but this plan was met with resistance from key stakeholders.
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