Saturday, December 3, 2022
HomeLaw & PoliticsThailand SEC target crypto exchange Bitkub for engaging in wash trading

Thailand SEC target crypto exchange Bitkub for engaging in wash trading

According to an official press release by the Thailand market regulator, an overview of the allegations that were made in the lawsuit that had been submitted to a civil court. The release also disclosed that the exchange, in addition to two individuals associated with it, were in danger of facing civil sanctions for allegedly engaging in wash trading.

When an item is purchased and sold within a very short period of time by the same business, this practice is known as wash trading. The goal of wash trading is to create the appearance of a strong trade activity.

In addition, the SEC has ordered that the violators pay civil penalties totaling 24,161,292 baht, which is equivalent to $634,000, in order to compensate the regulator for the costs it spent while conducting the investigation.

The SEC has issued a letter requesting the public prosecutor

The SEC has issued a letter requesting the public prosecutor

In addition, the regulatory body has requested that the public prosecutor issue an order prohibiting people who have been suspected of participating in illegal activities from engaging in any trading activity linked to digital assets or digital assets futures contracts for a period of six months.

Because of an insider trading scandal involving KUB tokens, the Thai Securities and Exchange Commission levied a punishment of 8.5 million Thai baht ($235,000) on Samret Wajanasathian, Chief Technology Officer of Bitkub, in the last month. Additionally, the executive was disqualified from holding any executive positions for a period of one year.

Bitkub was issued a monetary penalty in May of this year by the Criminal Fining Committee of the Thai Securities and Exchange Commission (SEC) for violating the regulations governing the listing of digital assets.

The regulator also brought up the issue of a conflict of interest that arose as a result of the exchange listing its own currency, the KUB coin, as well as the fact that protection measures were not implemented while the procedure was being carried out.

It was determined that five members of the digital asset selection committee were in violation of the regulation, and each of them had to pay a fine of 2.5 million Thai baht. In addition, the exchange was required to pay a fine of an equivalent amount.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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