# SEC files charges against former CEO of Zipmex Thailand

- Link: https://www.thailand-business-news.com/companies/125811-sec-files-charges-against-former-director-and-ceo-of-zipmex-thailand
- Published: 2024-02-08T13:28:47+07:00
- Author: Li Zhong

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.

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The SEC accuses former [Zipmex Thailand](https://www.thailand-business-news.com/banking/113844-zipmex-thailand-suspends-trading-until-january-31-2024)
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.

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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.