Thai SEC Charges Former Zipmex CEO with Corruption and Deception

Photo of author

By BitcoinWiki News

Key Takeaways:

– Thailand’s SEC accuses former Zipmex Thailand CEO of fraud and deception
– Akarlap Yimwilai charged with transferring customer assets without notice
– Zipmex Thailand ordered to suspend digital asset trading and brokerage services
– Regulatory issues with Zipmex and SEC investigation since December 2022
– Zipmex filed for debt relief in 2022, owing customers $97 million
– Thailand emerges as a top jurisdiction for offshore digital asset investors
– VAT exemption on digital asset trading in Thailand effective since January 1, 2024
– SEC of Thailand updates criteria for investing in digital tokens, easing more restrictions.

1. Introduction
Thailand’s Securities and Exchange Commission (SEC) has charged Akarlap Yimwilai, the former CEO of Zipmex Thailand, with corruption and deception, relating to the transfer of customer assets without disclosure of changes in the platform’s terms and conditions.

2. Allegations and Regulatory Issues
The SEC alleges that Zipmex Thailand committed fraud by presenting false statements and transferring customer assets without prior disclosure. The exchange has also been under regulatory scrutiny since December 2022, following the downturn in the crypto market. There have been allegations of operating in Thailand without regulatory approval, as well as issues regarding an acquisition by V Ventures. Zipmex has discontinued trading and deposit services and faced debts of $97 million, resulting in filing for debt relief.

3. Legal Action and Authorities
The SEC has filed a complaint against Akarlap Yimwilai with the Office of the Provincial Crime Suppression Division, urging further legal action. The decision on pursuing charges against Yimwilai lies with the investigative authority. Zipmex was reportedly looking to provide creditors with 3.35 cents per dollar as part of its restructuring initiatives, but major creditors deferred the proposals, seeking a comprehensive examination of the exchange’s assets and liabilities.

4. Cryptocurrency Regulation in Thailand
Thailand has emerged as one of the top jurisdictions for offshore digital asset investors and has announced the exemption of value-added tax (VAT) on digital asset trading. The VAT exemption, effective since January 1, 2024, has no expiration date, providing a long-term incentive for investors and traders in the digital asset space. Additionally, the SEC of Thailand has updated the criteria for investing in digital tokens, easing more restrictions.

5. Conclusion
The situation involving Zipmex and its former CEO reflects the complexities and challenges within the cryptocurrency and digital asset space in Thailand. Regulatory scrutiny, allegations of fraud, and financial difficulties have contributed to the suspension of trading and legal action against the former CEO. However, the country’s efforts to regulate and incentivize digital asset trading demonstrate its commitment to becoming a leading digital asset hub.

This is sponsored by: Learn Bitcoin Option

Leave a Comment