Zipmex and its Thailand CEO Akalarp Yimwilai Face SEC Charges

Thailand Securities and Exchange Commission (SEC) has indicted the Thai unit of cryptocurrency exchange Zipmex and its Chief Executive Officer Akalarp Yimwilai in a case of non-compliance with an order. 

According to a released report from the SEC, the regulator has filed a police complaint to the Technology crime investigation department of the Royal Thai Police (RTP). The case is based on Zipmex’s refusal to submit the complete requested information related to its business operations.

Following the effect of the bearish crypto market, the exchange platform paused withdrawals on its platform. Although at some point it was rumored that Zipmex partially resumed withdrawal

The suspension affected all its digital assets and baht trading. Zipmex started having issues with its ZipUp+ program and this led to SEC’s request for documents to verify the exchange’s operations including wallets used to store users’ assets. The regulator tried to confirm Zipmex’s compliance with the Digital Assets Business Act available in the country. 

Thailand Police Takes Over Zipmex Case With SEC

According to the SEC, both Zipmex and Akalarp failed to deliver the information to the competent officers in charge at the specific time it was requested. 

Even after the Thailand unit of the crypto exchange was notified, Zipmex ended up sending incomplete information to the regulator. The SEC approached Zipmex for a tenable reason why there was a delay in delivering the information but received no response.

Invariably, this is considered an offense that is punishable under Section 75 of the Digital Asset Act of Thailand. The charges on this Section are liable to a fine of up to $2,700 equivalent to 100,000 Thai baht and up to a one-year jail term. So, Zipmex and Akalarp have been delivered to the Royal Thai Police for further probing.

Meanwhile, Singapore High Court has issued a more than three months moratorium to Zipmex to cushion the effect of the bankruptcy which it filed for. With the moratorium approval, affected creditors can no longer file a lawsuit against the firm or continue with a previously filed case for the defined time. Zipmex Thailand happens to be covered by the Singapore High Court moratorium.