Thai SEC Files Police Complaint Against Crypto Exchange Zipmex

The complaint comes after Zipmex failed to meet a deadline for sharing transactional information with the SEC, the agency said.

AccessTimeIconSep 7, 2022 at 10:21 a.m. UTC
Updated May 11, 2023 at 4:21 p.m. UTC

Thailand's Securities and Exchange Commission (SEC) filed a police complaint against cryptocurrency exchange Zipmex and Akalarp Yimwilai, a co-founder of the company and the CEO of its Thai unit.

  • According to an official release, the SEC is collecting transactional information from Zipmex after the exchange halted withdrawals in July.
  • Zipmex and Akalarp didn't meet a deadline for delivering the information, prompting the SEC's action, the regulator said.
  • The Singapore-based exchange was one of several crypto companies that fell victim to an industrywide downturn induced by bad debts and high leverages. Zipmex loaned $48 million to Babel Finance and $5 million to Celsius Network, both of which failed to repay their loans. Last month Singapore's High Court granted Zipmex protection from creditors until Dec. 2.
  • "Zipmex is currently in the process of compiling relevant documents that belong to both Zipmex itself and Zipmex Pte. Ltd., an entity which is not under the regulatory jurisdiction of the Thai SEC," a Zipmex spokesperson said an official response shared with CoinDesk. Zipmex Pte. Ltd. is the company's Singapore entity.
  • "With that said, 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. Customers can rest assured that the company is addressing this matter with your best interest in mind."
  • On Aug. 26, Zipmex appointed Australian restructuring firm KordaMentha to assist with its recovery plan.

UPDATE (Sept. 7, 2022 10:26 UTC): Clarifies Akalarp Yimwilai's position.

CORRECTION (Sept. 7, 10:56 UTC): Corrects spelling of Yimwilai's name.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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