Five entities have been sued by the Thai Securities and Exchange Commission (SEC) for manipulating the volume on the cryptocurrency exchanges operated by Bitkub and Satang Corporation. Thai SEC Sues Five Entities The agency reportedly also imposed civil sanctions against two men and the Bangkok-based cryptocurrency exchange Bitkub. To cover the costs of the SEC’s investigation, the three offenders, in this case, have been ordered to pay 24,161,292 Thai Baht ($636,000). Following an inquiry into insider trading, the Thai SEC fined Bitkub’s Chief Technology Officer $235,000 in August. In the second instance involving the Bangkok-based Satang Corporation, the regulator has imposed civil penalties on LLC Fair Expo and one male, with a demand for payment of 12,080,646 Thai Baht ($318,000). Wash trading, also known as the creation of fictitious volume, is an illicit strategy used to entice investors to make investments by giving the impression that a particular asset is more popular than it is. In 2022, the Thai SEC changed its regulatory stance on cryptocurrencies, outlawing lending and staking services after filing a criminal complaint against Zipmex. Crypto Ban in The Country Thailand’s Securities and Exchange Commission intends to implement radical measures to prevent crypto platforms from offering or supporting services for digital asset depository. According to the notification on the official website on September 15, the SEC ...
