Thailand’s SEC sues 5 for wash trading activities

Thailand’s Securities and Exchange Commission (SEC) is suing five entities over wash trading activities on two cryptocurrency exchanges, Bitkub and Satang Corporation.

According to the press dated September 27, release Regulators have directed prosecutors to sue Bitkub and two individuals for creating artificial volumes of digital assets on the exchange.

The lawsuit was filed in a civil court and prosecutors sought civil sanctions of 24,161,292 baht ($636,000). Regulators also want the courts to bar defendants from trading crypto assets or from serving as officers or directors of cryptocurrency companies.

The SEC previously proposed that two individuals, Anurak Chuachai and Sakon Surakawi, should not trade crypto assets or their derivatives for six months or be directors or executives of digital asset companies for 12 months. was doing.

However, the offender did not comply and was prosecuted. The SEC wants to add Sakon to liability as a co-debtor and bar his two individuals within the law.

SEC in Thailand in August fined Bitkub CTO Samret Wajanasathian for 8.5 million baht ($235,000) in insider trading.Also fined The exchange in May said it did not comply with local regulations when listing its native token, KUB.

Wash trading is an illegal market manipulation tactic that misrepresents the demand for digital assets.

Thai SEC Targets Two More Organizations

LLC Fair Expo and Mr. Mikalai Zahorski also attended. sued Regarding similar violations on the Satang Pro exchange.

Regulators want the court to impose a fine of 12,080,646 baht ($315,000) along with a no-trading condition.

The SEC is filing civil lawsuits after violators refused to comply with punishments imposed two months earlier.

Thailands SEC Strengthens Crypto Turf

Thailand’s SEC has stepped up its oversight capabilities over the crypto space in light of the recent market implosion. The regulator has accused Zipmex and its CEO, Eklarp Yimwilai, of not fully responding to the company’s requests for information on how it manages its assets.

On the other hand, financial regulators forbidden Crypto companies avoid offering staking and lending services to protect traders from the risks associated with the market.