Thailand’s Securities and Exchange Commission (SEC) has charged former Zipmex CEO Akalarp Yimwilai with fraud for allegedly misleading customers with information related to the use of their digital assets.
In a Feb. 8 statement, the Thai SEC said that during his time as CEO of Zipmex Thailand, Akalarp presented false statements regarding assets in user Z Wallets being transferred to crypto wallets abroad. According to the SEC, this discrepancy with Zipmex’s terms and conditions amounted to “corruption and deception” by concealing information from customers.
The regulator referred a complaint on Akalarp’s alleged actions to Thailand’s Office of the Provincial Crime Suppression Division for possible legal action. Zipmex Thailand was implicated for similar allegations of fraud over reports of customer assets inconsistent with the SEC’s investigation.
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According to his LinkedIn profile, Akalarp was the CEO of Zipmex Thailand from August 2018 to November 2023. He was also a legal counsel and political correspondent with the government of Thailand for eight years.
Zipmex Thailand, the local arm of Singapore-based crypto exchange Zipmex, reportedly faced a probe by financial regulators over its acquisition by V Ventures in 2023. On Feb. 2, the Thai SEC ordered Zipmex to suspend its digital asset trading and brokerage services temporarily, giving the firm 15 days to comply with regulatory guidelines.
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