It has been fined again for Thailand’s number one crypto exchange Bitkub for allegedly conspiring to manipulate crypto trading volumes with two other Thai exchanges, Satang and BX, which have been launched since 2019 for more than 24 million. baht and prohibited persons involved from serving as directors or executives for more than 1 year.
Office of the SEC or the Office of the Securities and Exchange Commission Announcement of civil penalties against7 offenders In charge of jointly manipulating crypto trading volumes, that is.
- Bitkub Company
- Mr. Anurak Chuachai
- Mr. Sakon Sakawee, Chief Executive Officer of Bitkub
- Satang Company
- LLC Fair Expo Company
- Mr. Paramin Insom, Chief Executive Officer, Satang
- Mr. Mikalai Zahorski, Owner and Managing Director of LLC Fair Expo
From the investigation, it was found that in 2019, Mr. Sakonakorn entered into a contract with Mr. Anurak. In addition, he found that Mr. Anurak has sent a pair of trading orders for 4 crypto coins, namely Bitcoin (BTC) ) Bitcoin Cash (BCH), Ethereum (ETH) and Ripple (XRP), which are paired with each other in crypto trading accounts on the Bitkub forum, Bitkub will be punished as follows:
- Bitkub has been fined 8,053,764 baht.
- Anurak was fined 8,053,764 baht, banned from trading digital assets for 6 months and banned from being a director or executive for 12 months.
- Mr Sakon was fined 8,053,764 baht and liable for civil penalties. Trading in digital assets is prohibited for 6 months and prohibited from being a director or executive for 12 months.
On the Satang Pro side, it was investigated and found fault in the same way. by Mr. Paramin Contract with LLC Fair Expo to maintain liquidity on the Satang Pro trading board and provide trading limits for such functions. It was found that in February 2019, LLC Fair Expo sent orders for three crypto-coins: Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP), which were paired against each other on their own trading accounts. Ripto on the Satang Pro board will be punished as follows:
- Stang Company was fined 6,040,323 baht.
- LLC Fair Expo was fined 6,040,323 baht and banned from trading digital assets for 6 months.
- Mr. Paramin was fined 6,040,323 baht and liable for civil penalties. Trading in digital assets is prohibited for 6 months and is prohibited from being a director or executive for 12 months.
- Mr. Mikalai was fined 6,040,323 baht and liable for civil penalties. Trading in digital assets is prohibited for 6 months and is prohibited from being a director or executive for 12 months.
After that, there was a notice from Mr. Sakon Sakawee via personal Facebook that This has been the case since 2019 when the volume was created manually.It was something that the exchanges around the world were already doing at the time. But when the SEC warned and ordered to stop, we didn’t do it again.Install a system to prevent mutual matching of orders sent from the same account and have a team. Market Surveillance to check the behavior as well And also confirmed that since being investigated at that time until now, Bitkub has never manipulated trading volumes again.
The fine marks Bitkub’s 11th penalties this year. It is unknown how severe the impact will be on Bitkub’s credibility, as the deal with SCBX appears to have been incomplete after which was announced and called a buzz at the end of 2021
Sources: SEC (1), SEC (2), Sakolkorn Sakavee(Facebook)