Thailand’s securities regulator recently said it had referred digital asset services provider Zipmex and its Thai unit’s chief executive, Akalarp Yimwilai, to a technology crime division of the Royal Thai Police. The regulator said it took a decision after Yimwilai and his company failed to comply with a request to provide an official with information about customers’ digital wallets.
Zipmex fails to share details about transfers and withdrawals on its platform
Thailand’s Securities and Exchange Commission (TSEC) said it had referred Zipmex and the digital asset service provider’s Thai unit chief executive officer (CEO), Akalarp Yimwilai, to local law enforcement for non-compliance with “the order of the competent official”. . In a statement, the regulator said it acted after Yimwilai and his company failed to submit information about customers’ digital wallets.
Zipmex is also accused of failing to provide the TSEC official with details on the transfer and withdrawal of digital assets via its platform. The announcement by the TSEC came on the same day that Zipmex told its customers that it had temporarily suspended withdrawals of baht and cryptocurrency.
In its message to customers, Zipmex reportedly claimed that the crypto market volatility, as well as issues with major trading partners, caused the suspension of withdrawals.
According to a report in The Nation Thailand, Zipmex’s suspension of withdrawals has sparked an angry reaction from customers. The report added that in its attempt to calm angry customers, Zipmex issued another statement via Facebook promising to lift the suspension by 8pm on September 2022.
Criminal proceedings against Zipmex
However, the Thai regulator said in its statement that the actions of Zipmex and its regional CEO violated the Digital Assets Act.
“Such actions by Zipmex and Mr. Akalarp is considered to be in non-compliance with the competent official’s orders. Which is an offense and has a penalty under section 75 of the Digital Assets Act,” the regulator’s statement explained.
The TSEC said the step it took represented the beginning of a process of criminal proceedings against Zipmex and the CEO.
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