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.

By Oliver Knight

Sep 7, 2022 at 10:21 a.m. UTC

Updated Sep 7, 2022 at 1:42 p.m. UTC

Singapore-based cryptocurrency exchange Zipmex said it has received an offer from an interested party with due diligence processes able to commence. (Michal Jarmoluk/Pixabay) — (Michal Jarmoluk/Pixabay)

Oliver Knight

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

Follow @OKnightCrypto on Twitter

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.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.