April 19, 2024
Latest Cryptocurrency News

Former Zipmex Thailand CEO Faces SEC Corruption Charges

In a shocking turn of events, the Securities and Exchange Commission (SEC) of Thailand has charged Akarlap Yimwilai, the former CEO of Zipmex Thailand, with corruption and deception. The charges stem from an investigation that revealed the transfer of customer assets held in Zipmex Thailand’s Z Wallet to overseas digital wallets without prior disclosure of changes in the platform’s terms and conditions.

The SEC stated, “Therefore, it is considered that Zipmex Thailand has committed fraud by presenting false statements.” Yimwilai, who served as CEO for five years from 2018 to 2023, now faces legal scrutiny, with the SEC filing a complaint against him with the Office of the Provincial Crime Suppression Division.

Zipmex, a Singapore-based cryptocurrency exchange led by Marcus Lim, has been under regulatory scrutiny since December 2022. Last week, the SEC ordered Zipmex Thailand to suspend its digital asset trading and brokerage services. Subsequently, the exchange’s website and mobile app have been disabled. The regulatory body alleges that the reports submitted by Zipmex Thailand were inconsistent with their findings during the investigation.

While Thailand grapples with these regulatory issues, the Finance Ministry recently announced measures to strengthen its position as a digital asset hub. Effective January 1, 2024, the ministry has exempted value-added tax (VAT) on digital asset trading, providing a long-term incentive for investors and traders. Additionally, the SEC of Thailand has updated the criteria for investing in digital tokens, further easing restrictions. The developments emphasize the nation’s commitment to fostering a conducive environment for the burgeoning industry.

The decision on charges against Yimwilai now lies with the investigative authority, marking a critical moment in the unfolding saga of Zipmex and its former CEO.

Image by rawpixel.com on Freepik

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