Crypto exchange Bitkub targeted by Thai SEC with wash trading claims
2022 has proven to be a regulatory disaster for Thailand’s largest crypto exchange as it has faced multiple enforcement actions and fines worth hundreds of thousands of dollars. Thailand’s largest crypto exchange Bitkub has come under regulatory scrutiny from the country’s Securities and Exchange Commission (SEC) over falsifying and creating artificial trading volume on its platform.Thai SEC ordered legal action against the crypto exchange and two individuals alleging the crypto platform was involved in wash trading, a process where investors buy and sell the same assets at the same time....
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The financial regulator ordered the Bitkub exchange to close and fix issues that caused several outages as prices spiked this month.
Thailand was the first in Southeast Asia to implement digital-assets regulations in 2018. The move attracted investors to cryptocurrencies. After that, however, the crypto industry started facing setbacks as regulators tightened rules during trading irregularities and the collapse of a top exchange. On September 1, the SEC passed new digital advertisement rules. The rules refrain […]
The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.
SCB Postpones Acquisition of Thai Crypto Exchange Bitkub
The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal....
“The act of Mr. Wajanasathian is an offense of buying KUB coins by being a person who knows or possesses inside information,” said Thailand's financial regulator. Thailand’s Securities and Exchange Commission, or SEC, announced enforcement actions against the chief technology officer of crypto exchange Bitkub, who allegedly used insider information around the purchase of Bitkub Coin (KUB).In a Tuesday announcement, the Thai SEC said it had fined Bitkub chief technology officer Samret Wajanasathian 8,530,383 baht — roughly $234,000 at the time of publication — and intended to bar him from....
As Thailand’s leading crypto exchange remains suspended, billionaire backed rival Upbit enters the scene. Crypto exchange Upbit is entering the Thai market at a fortuitous time when the kingdom’s most popular exchange, Bitkub, remains suspended by government regulators.According to reports in local media, a joint-venture crypto exchange between Upbit APAC and a group of Thai billionaires launched operations on Wednesday, Jan. 20. It follows the regulatory suspension of the country’s most popular trading platform Bitkub on Monday, which had a reported 97% share of the market before its....