Thai Regulator Accuses Digital Asset Service Provider of Failing to Comply With Information Request – Matter Referred to Law Enforcement – Regulation Bitcoin News

Thailand’s securities regulator recently said it had referred digital asset service provider Zipmex and its Thai unit chief executive officer, Akalarp Yimwilai, to a technology crime division of the Royal Thai Police. The regulator said it made decision after Yimwilai and his company failed to comply with the request to furnish an official with information relating to customers’ digital wallets.

Zipmex fails to share details on transfers and withdrawals via its platform

Thailand’s Securities and Exchange Commission (TSEC) said it has referred Zipmex and the digital asset service provider’s Thai unit chief executive officer (CEO) Akalarp Yimwilai to local law enforcement for non-compliance “with the order of the competent official.” In a statement, the regulator said it took action after Yimwilai and his company failed to submit information relating to customers’ digital wallets.

Zipmex was also accused of not providing details to the TSEC official regarding the withdrawal and transfer of digital assets through its platform. Zipmex also announced that the TSEC had suspended cryptocurrency and baht withdrawals on the day it made the announcement.

Zipmex claimed that the cryptocurrency market volatility and problems with its major trading partners had caused the suspension of withdrawals in its customer message.

According to a report in The Nation Thailand, Zipmex’s suspension of withdrawals drew an angry response from customers. According to the report, Zipmex also issued another Facebook statement in an attempt to calm furious customers. It promised to lift suspension at 8 p.m. September 2022.

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.

“Such actions by Zipmex and Mr. Akalarp are considered to be in non-compliance with the competent official’s orders. Which is an offence and has a penalty under Section 75 of the Digital Assets Act,” the regulator’s statement explained.

According to the TSEC, the initiation of criminal proceedings against Zipmex’s CEO and Zipmex is now possible.

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Terence Zimwara

Terence Zimwara was a Zimbabwean award-winning journalist and author. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.

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