According to a SEC report, Zipmex Thailand has submitted reports on customer assets with inconsistent information compared to what the SEC has inspected.
The SEC found that customers’ digital assets in Z Wallet were transferred out to destination digital wallets abroad even before Zipmex Thailand announced changes to the terms and conditions of service.
The SEC accuses former Zipmex Thailand director and CEO, Mr. Ekkalarp Yimwilai, of corruption and deception by presenting false statements to the public, concealing the truth, and obtaining property through deception. This includes entering false information or omitting important information in Zipmex Thailand’s accounts or documents to deceive others.
This may be considered an offense under Section 88 of the Digital Assets Act for entering false or omitting important information in the accounts or documents of a juristic person or related to that juristic person.
Zipmex is a Singapore-based cryptocurrency exchange platform that allowed users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. It was founded in 2019 and has since expanded its operations to several countries in Southeast Asia, including Thailand, Indonesia, and Vietnam.
