Thailand’s SEC charges ex-Zipmax CEO with ‘corruption and fraud’
Thailand's Securities and Exchange Commission (SEC) has charged former Zipmax CEO Akalarp Yimwilai with fraud for misleading customers about information related to the use of their digital assets.
In a statement on February 8, Thailand's SEC alleged that Akalarp made false statements about assets transferred to overseas crypto wallets in user Z Wallet while he was CEO of Zipmax Thailand. According to the SEC, this discrepancy with Zipmax's terms and conditions amounts to “corruption and deception” by hiding information from customers.
The inspector has forwarded the complaint against Akalarp to Thailand's Provincial Criminal Division Office for legal action. Zipmax Thailand also faced similar allegations of falsifying customer asset reports inconsistent with an SEC investigation.
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According to his LinkedIn profile, Akalarp was CEO of Zipmax Thailand from August 2018 to November 2023. He also served as a legal advisor and political reporter with the Thai government for eight years.
ZipMex Thailand, the local arm of Singapore-based crypto exchange ZipMex, faces an investigation by financial regulators over its 2023 acquisition of V Ventures. On February 2, Thailand's SEC ordered Zipmax to temporarily suspend its digital asset trading and brokerage services. Giving the organization 15 days to comply with regulatory guidelines.
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