Thai SEC accuses Bitkub of fictitious trading

Thailand’s Securities and Exchange Commission (SEC), through the local prosecutor’s office, has filed a lawsuit against the cryptocurrency platform Bitkub.

The SEC asks prosecutors to indict three individuals for creating artificial trading volume on Bitkub Online Co., Ltd.’s digital asset exchange. https://t.co/nGsMLeuhZ7

— ThaiSEC_News (@ThaiSEC_News) September 27, 2022

The complaint also names two individuals affiliated with the exchange. The SEC alleges the defendants were involved in fictitious trading on the platform.

The authorities have sought to impose fines on the defendants and reimburse the SEC’s expenses totaling 24,161,292 baht ($631,007 at current rates). The violators may also be barred from trading digital assets or futures on them for six months.

At the end of August the SEC fined Bitkub’s chief technology officer Samret Vadjanasatian 8,530,383 baht ($222,996). According to the Commission, he used insider information the purchase of 51% of the shares of the Bitkub exchange by Siam Commercial Bank and bought $61,000 worth of KUB tokens.

The SEC uses civil penalties against one offender in the case of buying KUB coins using inside information https://t.co/fiupGJKGb9

— ThaiSEC_News (@ThaiSEC_News) August 30, 2022

In August 2022, the SCBX Group, which owns Siam Commercial Bank, exited the deal to acquire Bitkub. Against this backdrop, KUB fell by more than 20%.

Earlier in September, the Thai SEC filed a police complaint against the Zipmex cryptocurrency exchange and its co-founder Akalarpa Yimvilaiya over providing incomplete information about the company’s business and operations.

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