Akalarp Yimwilai, the former CEO of Zipmex, has been charged with fraud by Thailand’s Securities and Exchange Commission (SEC) for allegedly misleading clients by providing them with information about utilizing their digital assets.
The Thai SEC stated on February 8 that Akalarp, while serving as CEO of Zipmex Thailand, disseminated inaccurate information concerning the transfer of user Z Wallet assets to foreign cryptocurrency wallets.
The SEC determined that violating Zipmex’s terms and conditions constituted “corruption and deception” because it prevented customers from receiving certain information.
Regarding the purported actions of Akalarp, the regulator forwarded a complaint to the Office of the Provincial Crime Suppression Division in Thailand, which may consider pursuing legal action. Following the SEC’s investigation, Reports of Customer Assets implicated Zipmex Thailand in comparable allegations of fraud.
Akalarp served as the CEO of Zipmex Thailand from August 2018 to November 2023, per his LinkedIn profile. In addition, he served eight years as a political correspondent and legal counsel for the Thai government.
Financial regulators reportedly investigated Zipmex Thailand, the local subsidiary of the Singapore-based cryptocurrency exchange Zipmex, in connection with its 2023 acquisition by V Ventures.
The Thai SEC issued a temporary suspension order for Zipmex’s digital asset trading and brokerage services on February 2, giving the company fifteen days to comply with regulatory requirements.
