cryptocurrency

Thailand SEC charges CTO in Bitkub Exchange for insider trading

Thailand's SCBX cancels acquisition of Bitkub Exchange
  • Samrit Waganasathian, CTO at Bitkub, was sanctioned 8,530,383 baht (about $234,000).
  • The announcement caused the price of KUB to increase by 101%.

Enforcement action has been taken by Securities and Exchange Commission Thailand. The action was taken against the chief technology officer of crypto exchange Bitkub. This was due to the so-called insider knowledge being used to buy Bitkub Coin (KUB). petcop It is one of the prominent stock exchanges in Thailand, established in 2018.

Samrit Waganasathian, CTO at Bitkub, was sanctioned 8,530,383 baht (about $234,000). Moreover, he has been banned from serving as a director or executive officer of any cryptocurrency company for a year, the Securities Commission of Thailand said on Tuesday.

The Securities and Exchange Commission stated:

“Mr Wajanasathian’s act is an offense to buy KUB coins by being someone who knows or possesses inside information.”

Wajanasathian allegedly spent nearly $61,000 on KUB tokens, according to financial regulators. This was before Siam Commercial Bank (SCB) announced that it will buy a 51% stake in the cryptocurrency exchange. The announcement caused the price of KUB to increase by 101%.

The deal is now canceled by the Savings and Credit Bank

The “ban period from a director or executive position” will not begin until Wajanasathian signs a memorandum of agreement, according to the Thai SEC. Although the LinkedIn profile of the chief technology officer indicated that his role at Bitkub has not changed. It is not mentioned anywhere on the official website.

The Savings and Credit Bank said Thursday that it had pulled out of a $500 million bid to become Bitkub’s largest shareholder due to concerns about cryptocurrency exchanges “solving many problems,” in line with the Securities and Exchange Commission’s recommendations. Moreover, the bank may or may not have known that the financial authority was planning enforcement actions against Bitkub’s chief technology officer.

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Thailand’s SCBX cancels acquisition of Bitkub Exchange

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