Once again, the Thai Securities and Exchange Commission (SEC) is taking legal action against the leading exchange Bitkub and two individuals. Because all three engaged in wash trading, the SEC has levied a fine totaling $629,000 against Crypto Exchange Bitkub.
The Thailand Securities and Exchange Commission (SEC) has just issued a press release in which it announced that it will impose sanctions on three entities. The entities in question include Bitkub Exchange and two of its executives, 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 asset trade volumes on the Bitkub exchange in order to profit from the resulting price action. Crypto Exchange Bitkub was at the center of these allegations.
The Thailand Securities and Exchange Commission has filed a demand with a Thai court asking for the imposition of a fine of 24,161,292 Thai baht, equivalent to $629k. The agency mentioned that the monetary penalty would cover the costs incurred as a result of the investigation.
In addition to the monetary penalty, the SEC demands that Chuachai and Srakawee be prohibited from participating in any future digital asset trades and from holding executive roles or directorships for the maximum period allowed by law.
The Thai Securities and Exchange Commission (SEC) had previously imposed sanctions, which led to these more recent judicial demands. Despite this, the most recent press release claimed that the entities disobeyed the earlier sanctions and refused to settle with the regulatory body. This repeated behavior by Crypto Exchange Bitkub highlights ongoing compliance issues.
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 SEC’s allegations, Anurak was engaged in wash trading on Bitkub involving four different assets: 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 also imposed sanctions on two individuals. A total of $317,000 in fees was assessed against the two people.
The Securities and Exchange Commission of Thailand (SEC) is investigating ways to improve consumer protection in light of the rapidly expanding cryptocurrency industry in Thailand. Coingape 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 at Crypto Exchange Bitkub.
Discussion about this post