The Thai Securities and Exchange Commission announced enforcement measures against the chief technology officer of cryptocurrency exchange Bitkub, who allegedly used inside information surrounding the purchase of Bitkub Coin (KUB).
In an announcement on Tuesday, The Thai SEC said it had fined Bitkub CTO Samret Wajanasathian 8,530,383 baht – roughly $234,000 at press time – and intended to ban him from being a director or CEO of any cryptocurrency company. for a year. The financial regulator alleged that Wajanasathian bought approximately $61,000 worth of KUB tokens ahead of an announced deal in which the Siam Commercial Bank, or SCB, said it would buy a 51% stake in the cryptocurrency exchange. The news sent the price of KUB up 101%.
“Mr. Wajanasathian’s act is a crime of buying KUB Coins being a person who knows or possesses inside information,” the SEC said.
ก.ล.ต. ใช้ มาต ลง โทษ ทาง แพ่ง กับ ผู้ ก ความ ผิด 1
— ThaiSEC_News (@ThaiSEC_News) August 30, 2022
The Thai SEC said that Wajanasathian still has to sign a memorandum of consent before the “prohibition period from being a director or executive” at a cryptocurrency firm can take effect. The CTO’s LinkedIn page showed that his title at Bitkub had not changed at the time of publication, but he did not appear on the company’s website.
Thursday, the SCB announced it had abandoned a $500 million plan to become Bitkub’s majority shareholder due to concerns about the cryptocurrency exchange “resolving various issues,” according to SEC recommendations. It is unclear whether the bank was aware of the financial regulator’s impending enforcement actions against Bitkub’s chief technology officer.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.