A Thai regulator accuses a provider of digital asset services of refusing to respond to an information request; the matter has been referred to law enforcement


The chief executive officer of Zipmex’s Thai unit, Akalarp Yimwilai, and the country’s securities regulator were recently referred to the Royal Thai Police’s technology crime division. The regulator claimed it took this action after Yimwilai and his business refused to provide information about customers’ digital wallets to a government official.

Zipmex Fails to Share Details on Transfers and Withdrawals on Its Platform

Akalarp Yimwilai, CEO of Zipmex, and the company were referred to local law enforcement, according to Thailand’s Securities and Exchange Commission (TSEC), for failing to comply “with the order of the competent official.” The regulator said it took action after Yimwilai and his business failed to provide information about customers’ digital wallets.

Additionally, Zipmex is charged with failing to give the TSEC official information about the transferring and withdrawing of digital assets through its platform. The TSEC’s announcement came the same day that Zipmex informed its customers that withdrawals in baht and cryptocurrencies had been temporarily halted.

According to reports, Zipmex stated in a message to customers that the suspension of withdrawals was due to the volatility of the cryptocurrency market as well as issues with important trading partners.

The Nation Thailand reported that customers were incensed by Zipmex’s decision to halt withdrawals. According to the report, Zipmex issued a second statement via Facebook promising to lift the suspension by 8 p.m. in an effort to appease irate customers. 2022 September.

Criminal Proceedings Against Zipmex

The Thai regulator, however, claimed in its statement that Zipmex’s and its regional CEO’s actions had violated the Digital Assets Act.

Such actions by Zipmex and Mr. Akalarp are regarded as not complying with the directives of the responsible official. which is unlawful and is punishable in accordance with Section 75 of the Digital Assets Act,” the regulator said in its statement.

According to the TSEC, the action it took is the first step in a process of criminal proceedings against Zipmex and the CEO.