Bitkub CTO Fined $200,000 By Thai SEC For Insider Trading
According to the country’s securities commission, the Thai crypto exchange Bitkub’s Chief Technology Officer, Samrong Wachanasathien, has been punished for insider trading.
Following an inquiry by the Securities and Exchange Commission (SEC), the CTO was compelled to pay a fine of approximately $235,000 and was barred from holding an executive position for 12 months.
According to the SEC, Samrong exploited inside information from the firm to trade Bitkub Coin (KUB) digital tokens. The statement states:
“This is inside information about Bitkub. On November 2, 2021, the transaction price of the KUB token increased compared to the pre-disclosure period. The day’s highest price was 99.99 baht, an increase of 101% from 49.53 baht, which is the last price before disclosing information.”
The SEC reported that Thailand’s Civil Sanctions Committee (OCSC) imposed civil sanctions on Samrong. This includes civil fines to reimburse the amount equal to the benefits obtained or receivable and reimbursement for SEC expenses incurred due to the misconduct inquiry. The regulator added that Samrong bought significant KUB coins regularly, totaling over 1.9 million baht ($60,000).
The announcement comes as Thailand’s oldest lender, SCBX Group, withdraws from a $500 million plan to acquire Bitkub, which had been postponed since July. Last November, the SCBX Group announced plans to acquire 51% of Bitkub as part of a comprehensive digital strategy.
The SEC levied civil penalties on Sakolkorn Sakavee, chairman of Bitkub Capital Group Holdings, for misrepresenting facts about the exchange’s digital asset trading activity. Although the company’s due diligence revealed no unexpected difficulties, SCBX Group opted to cancel the transaction.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews