Thai SEC

Thai SEC Eyes Zipmex CEO Eklarp Yimwilai For Non-Compliance

  • CEO of crypto platform Zipmex, Eklarp Yimwilai, has been accused of non-compliance by the Thai SEC, the regulatory authority of Thailand.
  • The authority requested the crypto platform to provide details of transactions and wallets used to hold assets of its customers prior to the withdrawal freeze that was announced in July this year.

The CEO of crypto platform Zipmex, Eklarp Yimwilai, is in the crosshairs of the Thai SEC as the regulatory authority has accused the executive of non-compliance when requested to provide details of transactions and wallets used to hold assets of its customers prior to the withdrawal freeze that was announced in July this year.

In its latest update on the matter, the Thai SEC said that Zipmex has not complied with the regualtory authority while the CEO has been accused of causing significant delay in the submission of information. The authority also claims that the crypto platform sent incomplete details depsite taking a lot of time in sending them.

“Such actions by Zipmex and Mr. Eklarp are considered to be 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 SEC has accused Zipmex and Mr. Eklarp to the ACT, to consider further legal action,”

the financial regulatory authority said.

Moreover, the authority claims that any and all the reasons given by Zipmex for non-compliance are bogus and incapable of satiating the questions of the Thai SEC. As a result, the Thai police has been called and now, it is handling the case.

According to a September 7 update on the matter, Zipmex stated that there was a delay in sending the required information because it was carefully compiling documents asked by the Thai SEC as it also affected the parent company of the crypto platform, Zipmex Pte. Ltd., which does not fall under the jurisdiction of the monetary authority.

“Any disclosure of Zipmex Pte. Ltd.’s information must be carried out with the utmost care and consideration to ensure that regulations are fully complied with and standards such as data privacy are duly observed,”

Zipmex said in a blog post.

Interestingly, the crypto platform is backed by the biggest crypto exchange in the US, Coinbase, which has been reporting losses for two consecutive quarters in 2022.

In the light of similar events, Justice Aedit Abdullah from the Singapore Court gave each of the five Zipmex Pte. Ltd. entities a moratorium of three months to shield its operations and the firm has until December 2 this year to resolve its issues.

Despite the situation worsening for Zipmex Pte. Ltd, and its various entities, the CEO and founder of the crypto firm Marcus Lim, declared that he would continue to run the company unless its new major shareholders insist he steps down. 

Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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