HomeregulationThai SEC is going after crypto exchanges

Thai SEC is going after crypto exchanges

Thai SEC has reiterated its commitment to going after crypto exchanges across Thailand embroiled in illegal deals. This is judged by its recent scrutiny of the famous crypto exchange Bitkub and some individuals related to the exchange. According to the report’s details, it was discovered that the firm showcased pumped-up volumes of transactions on its website. In its report, the regulatory agency has ordered an investigation into the firm’s conduct and those involved.

Thai SEC slams lawsuit on Bitkub

The Thai SEC mentioned that the exchange is guilty of wash trading and illegal conduct across the financial market. This phenomenon is described as an exchange that knowingly allows traders to buy and sell assets simultaneously. This move is usually employed when the exchange wants to push its transaction volume figures above normal.

The exchanges also use it to manipulate the market and traders into believing the trumped-up figures are the actual figures. This recent investigation comes from an earlier investigation into the firm’s conduct. In July, the Chairman of the firm Sakolkorn Sakavee was fined and suspended from his activities after he was found guilty of an offense earlier in the year.

Exchanges are falling short of regulatory requirements in Thailand

In the filing of the Thai SEC, the body has prayed that the court slams fines and suspensions against the crypto exchange and the individuals associated with the illegal conduct. The report shows that the agency wants fines of around $634,000 and a six-month prohibition from trading for the two parties involved. Bitkub is one of the biggest crypto exchanges across Thailand, with the firm bringing in massive amounts of funds in terms of volumes of transactions. Although successful, the firm has been at the end of some criticism due to the actions of those involved in its affairs.

Some months ago, an executive of the firm was fined an excess of $234,000 for insider trading. The crypto exchange was also in deep waters after its collaboration, which would have pulled more than $500 million into its confines, was pulled by Siam Commercial Bank. Thailand has been one of the right places for crypto investors and companies over the last few years. This is because the country provides a clear-cut guideline and taxation system for these companies. However, sanctions have been meted out to companies across the country, with renowned top exchanges suffering the brunt of regulators.



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