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Wednesday, February 21, 2024

SEC Targets Former Zipmex Thailand CEO


The
Securities and Trade Fee (SEC) of Thailand has leveled accusations of
corruption and deception towards Akarlap Yimwilai, the previous CEO of Zipmex
Thailand, in keeping with an official assertion launched on Thursday.

The
SEC’s investigation revealed irregularities regarding buyer belongings held
inside Zipmex Thailand’s Z Pockets. It was uncovered that these belongings had been
transferred to abroad digital wallets previous to an official announcement
concerning adjustments in phrases and situations, contradicting the data
supplied by Zipmex Thailand to regulators.

In
its assertion, the SEC asserted that Zipmex Thailand had engaged in fraudulent
conduct by presenting false statements concerning the dealing with of buyer
belongings. Yimwilai served because the CEO of Zipmex Thailand from August 2018 till
November 2023, as indicated by his LinkedIn profile.

Zipmex Thailand operates
as a subsidiary of the Singapore-based Zipmex, led by Marcus Lim. The corporate
obtained approval to function from the Ministry of Finance and SEC in 2020.
Nevertheless, in response to the SEC’s findings, the fee issued an order for
Zipmex Thailand to droop its digital asset buying and selling and brokerage companies. A
discover on the corporate’s web site and cellular app signifies that each platforms
have been disabled.

Moreover,
the SEC alleges that reviews submitted by Zipmex Thailand had been inconsistent
with the data obtained through the investigation. Consequently, the SEC
has filed a proper criticism towards Yimwilai with the Workplace of the Provincial
Crime Suppression Division, urging additional authorized motion to be thought of.

Compliance
Deadline Lapses

Earlier,
the SEC ordered Zipmex
Thailand to halt its digital asset buying and selling and brokerage companies
briefly, as
reported by Finance Magnates.
The choice got here after Zipmex Thailand had failed to deal with monetary and operational
issues regardless of warnings. Following a 15-day corrective interval, which ended on
January 12, 2024, the SEC Committee selected February 1, 2024, to take motion
on account of Zipmex Thailand’s unresolved points associated to capital upkeep, enterprise
construction, and potential offenses involving buyer property.

The
Securities and Trade Fee (SEC) of Thailand has leveled accusations of
corruption and deception towards Akarlap Yimwilai, the previous CEO of Zipmex
Thailand, in keeping with an official assertion launched on Thursday.

The
SEC’s investigation revealed irregularities regarding buyer belongings held
inside Zipmex Thailand’s Z Pockets. It was uncovered that these belongings had been
transferred to abroad digital wallets previous to an official announcement
concerning adjustments in phrases and situations, contradicting the data
supplied by Zipmex Thailand to regulators.

In
its assertion, the SEC asserted that Zipmex Thailand had engaged in fraudulent
conduct by presenting false statements concerning the dealing with of buyer
belongings. Yimwilai served because the CEO of Zipmex Thailand from August 2018 till
November 2023, as indicated by his LinkedIn profile.

Zipmex Thailand operates
as a subsidiary of the Singapore-based Zipmex, led by Marcus Lim. The corporate
obtained approval to function from the Ministry of Finance and SEC in 2020.
Nevertheless, in response to the SEC’s findings, the fee issued an order for
Zipmex Thailand to droop its digital asset buying and selling and brokerage companies. A
discover on the corporate’s web site and cellular app signifies that each platforms
have been disabled.

Moreover,
the SEC alleges that reviews submitted by Zipmex Thailand had been inconsistent
with the data obtained through the investigation. Consequently, the SEC
has filed a proper criticism towards Yimwilai with the Workplace of the Provincial
Crime Suppression Division, urging additional authorized motion to be thought of.

Compliance
Deadline Lapses

Earlier,
the SEC ordered Zipmex
Thailand to halt its digital asset buying and selling and brokerage companies
briefly, as
reported by Finance Magnates.
The choice got here after Zipmex Thailand had failed to deal with monetary and operational
issues regardless of warnings. Following a 15-day corrective interval, which ended on
January 12, 2024, the SEC Committee selected February 1, 2024, to take motion
on account of Zipmex Thailand’s unresolved points associated to capital upkeep, enterprise
construction, and potential offenses involving buyer property.



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