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HomeLaw & PoliticsThailand SEC charges five entities involved in wash trading operations

Thailand SEC charges five entities involved in wash trading operations

On September 27, Securities and Exchange Commission (SEC) of Thailand sued five entities involved in wash trading operations on two digital currency exchanges, Satang and Bitkub Corporation.

The regulator stated in a September 27 press note that public attorneys have been instructed to file a lawsuit against Bitkub and two persons for artificially inflating the volume of digital assets traded on the exchange.

wash trading

Prosecutors requested civil penalties of 24,161,292 baht ($636,000) in the case, which was lodged in a civil court. The regulator also requests that the suspects should be prohibited from trading cryptocurrency and serving as executives and directors of cryptocurrency companies.

The SEC had previously suggested that the two persons, Sakon Srakawee and Anurak Chuachai should not trade digital assets or their derivatives for six months, or serve as executives or directors of a firm dealing in digital assets for a 12-month period.

However, the offenders disobeyed, leading to prosecution. The SEC after adding Mr. Sakon as a co-debtor to the liabilities, wants the two people to be subject to the full extent of the law’s prohibition.

Samret Wajanasathian, chief technology officer at Bitkub, was penalised by Thailand’s SEC in August for insider trading to the amount of 8.5 million baht ($235,000). 

Additionally, SEC punished the platform in May for failing to follow local laws when listing its own native coin, KUB.

Wash trading is a prohibited method of market manipulation that inflates the demand for digital assets.

SEC targets two more entities

A lawsuit was also filed against two entities, Mr. Mikalai Zahorski and LLC Fair Expo for identical offences committed at the Satang Pro exchange.

The regulator requests that the court impose a trading prohibition and a punishment of 12,080,646 baht ($315,000).

After the violators disobeyed the sentence imposed on them two months ago, the SEC turned to civil litigation.

In response to the recent market collapse, Thailand’s SEC has expanded the region of the crypto area it oversees. The regulator charged Zipmex and its CEO Eklarp Yimwilai with failing to properly abide by its request for details on how the company managed its resources.

In the meantime, the financial watchdog prohibited cryptocurrency firms from providing lending and staking services to shield investors from the market’s risk.

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