Thai SEC Fines Bitkub Blockchain Tech 8.5m Baht For Insider Trading
Bitkub, a cryptocurrency exchange in Thailand, was fined 8.53 million Baht for insider trading.
According to a recent Bangkok Post report, the Securities and Exchange Commission of Thailand issued a fine to Samret Wajanasathian, chief technology officer of Bitkub Blockchain Technology Co (BBT), who was accused of buying 61,107.66 Bitkub (KUB) coins worth 1.99 million Baht. September 4 and November 2 last year.
In addition to the fine, the SEC also banned Wajanasathian from being an executive at a digital token seller or digital asset operator for 12 months.
According to local media reports, the purchase by Wajanasathian happened last year in August, when Siam Commercial Bank (OTC:) (SCB) and Bitkub Capital Group Holding (BCGH) discussed the acquisition plan of SCB about 51% of the shares for 17.85 billion Baht. in Bitkub Online Co (BO).
Wajanasathian’s KUB coin buying behavior before the acquisition plan was publicly announced at 6.53 pm on November 2, 2021 – when the price of KUB rose to 99.99 Baht – which is very different from the previous one, which was 49.53 Baht, the price before the announcement of the acquisition plan.
Thai Government Increases Scrutiny For Crypto-Related Investments
According to a recent report by Bloomberg, Sarath Ratanavadi, chief executive of Gulf Energy Development Pcl and Thailand’s second richest man, is actively looking at plans for digital assets despite increased oversight of the crypto industry by the Thai government and a local decline. trading account.
Data from the country’s Securities and Exchange Commission cited by Bloomberg showed the number of active trading accounts fell to 260,000 in July from 692,000 in January, coinciding with the decline in crypto prices.
In addition, (BTC) is currently 69% lower than its record high, with (ETH) and other major cryptocurrencies such as (SOL) registering a decline of up to 86%, in Thailand.
However, Ratanavadi told the media that his company will boost investment in the blockchain ecosystem to diversify its revenue streams even as Thai regulators tighten oversight of fintech and related platforms amid the devaluation of many tokens.
According to Ratanavadi, the blockchain technology platform and cryptocurrency will be the main drivers of the company’s strongest returns as the overall market remains favorable and has high potential for growth.
Ratanavadi is looking to open a crypto exchange in Thailand in partnership with crypto exchange Binance and is actively seeking a license.
On the Flipside
- The Central Bank of Thailand (BOT) recently said that it wants to expand the scope of the Central Bank Digital Currency. As the Thai SEC tightens its grip, the country’s central bank appears poised to dive deeper into the world of crypto.
Why Should You Care?
Thailand’s retail crypto market has seen a downfall as Thai SEC security measures on crypto are tightening.
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