The SEC’s examination of facts in this case has led to the consideration that Zipmex disseminated or certified information that were potentially misleading in substance regarding digital asset prices. It was found that the information on the price and trading volume of Zipmex Token (ZMT) disclosed on *Zipmex’s digital asset exchange website was inaccurately and inconsistently presented to investors, the general public and the SEC. For example, the website did not show the trading prices for coins that were traded at low prices or showed prices and trading volumes that did not actually occur during the years 2021–2022. Such information disclosure could mislead investors about the actual trading volumes or prices.

The acts of Zipmex described above could constitute an offense related to the dissemination or certification of information that could be materially misleading regarding digital asset prices. Consequently, this could impact digital asset prices or influence the decision making on digital asset investments, liable to be an offense under Section 40 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

The case of Zipmex director and CEO Akalarp Yimwilai was an offense in his capacity as the responsible person for the operation of Zipmex, which included ordering or acting and omitting to order or failing to act in any way that caused Zipmex to commit offenses in the above case, liable to the same penalties under Section 94 in conjunction with Section 40 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

The SEC has therefore filed the criminal complaint against Zipmex and Akalarp with the ECD 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 ultimately the judicial discretion of the court in rendering a verdict. In this regard, the SEC will monitor the progress of the ongoing legal proceedings and collaborate fully with relevant authorities in subsequent processes after the filing of the criminal complaint to support law enforcement under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).

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Remark:
* The digital asset exchange and brokerage licenses of Zipmex Co., Ltd. (Zipmex) have been revoked, effective from 28 May 2024. Nevertheless, Zipmex retains its status as a limited company with corresponding rights and responsibilities, including the possibility of being subject to legal action.