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The Thai Securities and Exchange Commission (SEC) filed a lawsuit against the cryptocurrency platform Bitkub through the local prosecutor’s office.
The SEC asks prosecutors to sue 3 offenders for creating artificial volumes of digital assets in Bitkub Online Co., Ltd.’s digital asset exchange https://t.co/nGsMLeuhZ7
— ThaiSEC_News (@ThaiSEC_News) September 27, 2022
The complaint also includes two people associated with the exchange. According to the SEC, the defendants were involved in fictitious trading on the platform.
The authorities demanded to recover fines from the defendants and compensate for the costs of the SEC in the total amount of 24,161,292 baht ($631,007 at the current exchange rate). Violators may also be banned from trading digital assets or futures for them for six months.
At the end of August, the SEC fined Bitkub CTO Samret Wajanasathian 8,530,383 baht ($222,996). According to the Commission, he used insider information about the purchase of a 51% stake in the bitcoin exchange by Siam Commercial Bank and purchased KUB tokens for $61,000.
SEC imposes civil sanctions on one perpetrator for purchasing KUB using insider informationhttps://t.co/fiupGJKGb9
— ThaiSEC_News (@ThaiSEC_News) August 30, 2022
In August 2022, financial conglomerate SCBX Group, which owns Siam Commercial Bank, withdrew from the acquisition of Bitkub. Against this background, KUB collapsed by more than 20%.
Recall that in September, the SEC of Thailand sent a complaint to the police against the Zipmex cryptocurrency exchange and its co-founder Akalarpa Yimwilaya. The reason was the transfer to the regulator of incomplete information about the business and operations of the company.
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