Earlier, Zipmex announced the suspension of its services for digital asset trading, money deposits and withdrawals in Thai baht, and deposits and withdrawals of digital assets, due to problems with the ZipUp+ program, while the SEC was collecting and examining facts related to the business operation of Zipmex.   

Following the collection and examination of the facts aforementioned, the Competent Officer, who executed his or her duty in accordance with Section 51 of the Emergency Decree, ordered Zipmex and CEO Akalarp to submit information related to the company’s business and operations, including information on the e-wallet used for safeguarding clients’ assets and details of transfer or withdrawal transactions of digital assets. However, Zipmex and Akalarp did not comply with the Competent Officer’s order within the specified period. Moreover, despite being warned by the Competent Officer, they provided only partial, incomplete information and showed a delaying behavior in not providing the requested information without reasonable causes or with unreasonable excuses.

The acts of Zipmex and CEO Akalarp were liable to be a failure to comply with the order of the Competent Officer, subject to the offenses and penalties under Section 75 of the Emergency Decree. The SEC has therefore filed the criminal complaint with the CCIB for consideration of further legal action. 

In any case, filing a criminal complaint is merely the commencement of the criminal procedure. The process of determining whether a person has committed a legal offense involves the investigative powers of inquiry officer, the decision to prosecute by public prosecutors, and the judicial discretion of the court in rendering a verdict, respectively.

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