The Securities and Exchange Commission of Thailand (SEC) has filed charges of fraud and deception of clients against the management of the Singapore trading platform Zipmex.
According to the authorities, Akalarp Yimvilaya, as regional CEO, allowed the transfer of customer funds stored on Z Wallet wallets to other addresses. Moreover, the exchange reported transfers to its users only after the assets were moved.
The regulator believes that the Thai branch of the exchange committed fraud by submitting false statements to customers. The SEC believes that such actions are contrary to the terms of customer service, and Akalarp Yimvilaya is personally to blame for deliberately hiding information from Zipmex customers.
The agency sent a formal complaint to the Office of the Crime Prevention Division of Thailand. The police must decide whether to initiate criminal proceedings or not.
Akalarp Yimvilaya worked as the regional head of the Zipmex exchange from August 2018 to November 2023, providing, among other things, legal advice to the Thai government.
According to the authorities, Akalarp Yimvilaya, as regional CEO, allowed the transfer of customer funds stored on Z Wallet wallets to other addresses. Moreover, the exchange reported transfers to its users only after the assets were moved.
The regulator believes that the Thai branch of the exchange committed fraud by submitting false statements to customers. The SEC believes that such actions are contrary to the terms of customer service, and Akalarp Yimvilaya is personally to blame for deliberately hiding information from Zipmex customers.
The agency sent a formal complaint to the Office of the Crime Prevention Division of Thailand. The police must decide whether to initiate criminal proceedings or not.
Akalarp Yimvilaya worked as the regional head of the Zipmex exchange from August 2018 to November 2023, providing, among other things, legal advice to the Thai government.
