Thailand’s securities regulator recently said it has transferred the CEO of digital asset service provider Zipmax and its Thailand unit, Akalarp Yimwilay, to the Royal Thai Police’s technology crime unit. The regulator made the decision because Yimwilai and his company did not comply with the request to provide the authority with information related to their customers’ digital wallets.
Zipmax could not share details about transfers and exits on the platform
Thailand’s Securities and Exchange Commission said it referred ZipMex and the digital asset services provider’s Thailand unit to local law enforcement for failing to comply with “orders from competent authorities.” In a statement, the regulator took action after Yimwilai and his company failed to provide information related to customers’ digital wallets.
Zipmax has been accused by the TSEC authority of not providing detailed information on the transfer and withdrawal of digital assets through its platform. TSEC’s announcement comes on the same day that Zipmax told its customers that it has temporarily suspended baht and cryptocurrency withdrawals.
In a message to its customers, ZipMex has reportedly said that the volatility of the crypto market and problems with major trading partners have led to the blocking of funds.
According to a report in The Nation Thailand, Zipmax’s ban on take-out has sparked angry reactions from customers. The report added that in an attempt to calm angry customers, Zipmax issued another statement via Facebook to lift the ban on September 2022 at 8 PM.
Criminal proceedings against Zipmax
However, in a statement, the Thai regulator said the actions of Zipmax and the regional CEO violated the Digital Assets Act.
“Such actions taken by Zipmax and Mr. Akalarp are deemed to be in defiance of the order of the competent authority. Which is an offense and punishable under Section 75 of the Digital Assets Act,” the regulator’s statement explained.
The action taken by TSEC indicates the initiation of criminal proceedings against Zipmax and its CEO.
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