Recently, Thailand's securities regulator stated that it had referred Zipmex, a digital asset service provider, and its Thai chief executive officer Akalarp Yimwilai to a technology crime section of the Royal Thai Police. After Yimwilai's company and Yimwilai failed to respond to the request for information about customers' digital wallets, the regulator stated that it had made a decision.
Zipmex Failed to Share Information on Transfers and Withdrawals On Its Platform
The Securities and Exchange Commission of Thailand (TSEC), said that it had referred Zipmex and its Thai unit chief executive officer (CEO), Akalarp Yimwilai, to local law enforcement because Yimwilai and the company had failed to provide information relating to customers’ digital wallets.
Zipmex was also accused of not providing details to the TSEC official regarding the transfer and withdrawal digital assets via its platform. The TSEC announced the announcement on the same day Zipmex informed its customers that it had temporarily suspended cryptocurrency and baht withdrawals.
Zipmex claimed that the crypto market volatility and problems with its major trading partners had caused the suspension of withdrawals in its customer message.
According to The Nation Thailand, Zipmex's suspension on withdrawals caused anger among customers. According to the report, Zipmex also issued another statement via Facebook in an attempt to calm furious customers. It promised to lift the suspension by eight p.m. on September 20, 222.
Zipmex is the subject of criminal proceedings
The Thai regulator stated that Zipmex's actions and those of its regional CEO were in violation of the Digital Assets Act.
"Zipmex and Mr. Akalarp's actions are considered non-compliance to the orders of the competent official." This is an offense and carries a penalty under Section75 of the Digital Assets Act," explained the regulator.
According to the TSEC, the initiation of criminal proceedings against Zipmex's CEO and Zipmex is now possible.
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By: Terence Zimwara
Title: Thai Regulator Accuses Digital Asset Service Provider of Failing to Comply With Information Request – Matter Referred to Law Enforcement
Sourced From: news.bitcoin.com/thai-regulator-accuses-digital-asset-service-provider-of-failing-to-comply-with-information-request-matter-referred-to-law-enforcement/
Published Date: Fri, 09 Sep 2022 07:00:13 +0000
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