- The Thai SEC had already issued punishment prior to these new court requests.
- The SEC has accused the trio of wash trading.
Once again, the Thai Securities and Exchange Commission (SEC) is filing suit against leading exchange Bitkub and two people. After being found guilty of wash trading, the SEC has fined the three defendants a total of $629,000. The agency recently punished Bitkub’s CTO $230,000 for insider trading last month.
The Thailand SEC has issued a press statement announcing the imposition of sanctions on defendents. Bitkub Exchange, along with its CEOs Anurak Chuachai and Chakun Srakawee, are among the named parties.
The SEC has accused the trio of wash trading, emphasizing an instance of an effort to fraudulently inflate asset transaction volumes on the Bitkub exchange in order to profit from the ensuing price movement.
Stringent Crypto Regulations
The Thailand Securities and Exchange Commission (SEC) has filed a petition with a Thai court, asking for a fine of 24,161,292 Thai baht ($629k). The investigative costs would be covered by the fine, the agency said.
The SEC is not content with just fining Chuachai and Srakawee; they also want to prevent them from trading digital assets under any circumstances. There is also a provision barring them from holding executive or director positions for the longest period of time authorized by law.
The Thai SEC had already issued punishment prior to these new court requests. However, the most recent news release said the companies ignored the earlier penalties and refused to reach a settlement with the regulatory agency. The SEC claimed that Anurak engaged in wash trading on Bitkub with four assets (BTC, ETH, BCH, and XRP).
The SEC wants to develop greater consumer protection measures as the cryptocurrency business in Thailand experiences significant expansion.
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