Thai SEC Accused Leading Crypto Exchange Bitkub of Engaging in Wash Trading.


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Once again, the Thai Securities and Exchange Commission (SEC) is taking legal action against the leading exchange Bitkub as well as two individuals. Because all three of them engaged in wash trading, the SEC has levied a fine totaling $629,000.

The Thailand Securities and Exchange Commission (SEC) has just issued a press release in which it announced that it will be imposing sanctions on three different entities. The entities in question include Bitkub Exchange as well as two of its executives, namely Chakun Srakawee and Anurak Chuachai.

The Securities and Exchange Commission (SEC) has leveled allegations of wash trading against the three entities involved. These allegations focus on a case in which an intentional attempt was made to artificially raise trade volumes of assets on the Bitkub exchange in order to profit from the resulting price action.

The Thailand Securities and Exchange Commission has filed a demand with a Thai court, asking for the imposition of a fine in the amount of 24,161,292 Thai baht, which is equivalent to $629k. The agency mentioned that the monetary penalty would be used to cover the costs that were incurred as a result of the investigation.

In addition to the monetary penalty, the SEC is demanding that Chuachai and Srakawee be prohibited from participating in any future trades involving digital assets. In addition to this, they will be barred from holding executive roles or directorships for the longest period of time that the law allows for.

The Thai Securities and Exchange Commission (SEC) had previously imposed sanctions, which led to these more recent judicial demands. In spite of this, the most recent press release claimed that the entities disobeyed the earlier sanctions and refused to settle with the regulatory body.

You may recall that on June 30 the Thailand Securities and Exchange Commission issued civil penalties against three entities, including Bitkub and Anurak Chuachai. According to the allegations made by the SEC, Anurak was engaged in wash trading on Bitkub involving four different assets. These assets were BTC, ETH, BCH, and XRP.

The Thai Securities and Exchange Commission has taken an active role in rooting out instances of wash trading and reducing criminal activity in the cryptocurrency industry. In a separate case involving the Thai exchange Satang Corporation, the agency imposed sanctions on two individuals as well. A total of $317,000 in fees was assessed against the two people.

The Securities and Exchange Commission of Thailand (SEC) is looking into ways to improve consumer protection in light of the rapidly expanding cryptocurrency industry in Thailand. Coingape had previously reported that the Thai Securities and Exchange Commission had placed certain restrictions on the activities that crypto-related entities are allowed to engage in within the country. In addition, the watchdog imposed a fine of $230,000 on Bitkub’s CTO a month ago for participating in an insider trading scheme.

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