Thai SEC Fines Top Exchange Bitkub and Two Others

The Thai Securities and Exchange Commission (SEC) is once again taking legal action against top exchange Bitkub and two individuals. The SEC has placed a fine of $629k on all three for wash trading.

The agency placed a fine of $629k on the three entities

In a recent press release, the Thailand SEC announced that it is imposing sanctions on three entities. The entities include Bitkub Exchange, and two of its executives Anurak Chuachai and Chakun Srakawee.

The SEC has placed allegations of wash trading on the three entities involved, highlighting a case of a deliberate attempt to artificially raise trade volumes of assets on the Bitkub exchange as a means to cash out of the resulting price action.

The Thailand SEC has placed demands in a Thai court, requesting the imposition of a fine of 24,161,292 Thai baht ($629k). The agency noted that the fine would go into covering the expenses resulting from the investigation.

In addition to the fine, the SEC also demands a restriction on Chuachai and Srakawee from engaging in any trades of digital assets. In addition, a prohibition from having their executive roles or directorships at the highest timeframe permitted by law.

Thai SEC active in implementing consumer protection measures

These recent judicial demands follow previous sanctions imposed by the Thai SEC. Notwithstanding, the latest press release alleged that the entities defied the previous sanctions and were unwilling to settle with the regulatory body.

Recall that the Thailand SEC imposed civil penalties on three entities, including Bitkub and Anurak Chuachai on June 30. The SEC alleged that Anurak was involved in wash trading on Bitkub involving four assets: BTC, ETH, BCH and XRP.

The Thai SEC has been rather proactive in the area of fishing out sessions of wash trading and mitigating crimes in the crypto scene. The agency also imposed sanctions on two individuals in a similar case involving Thai exchange Satang Corporation. The two individuals saw a fine of $317k.

As the cryptocurrency industry in Thailand sees massive growth, the SEC is looking to implement better consumer protection measures. As previously reported by Coingape, the Thai SEC placed certain prohibitions on the activities of crypto entities in the country. Additionally, last month the watchdog fined Bitkub’s CTO $230k for an insider trading scheme.

• About author
• Disclaimer

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.