Bitkub CTO, Samret Wajanasathian appeals against the Securities and Exchange Commission’s (SEC) fine. The SEC accused Samret of insider trading, which took place in 2021.
The SEC barred Samret from his position at a CTO at Bitkub, the largest crypto exchange in Thailand and fined him with over 8 million Baht.
According to the SEC, On 2 November 2021 SCB Securities Co., Ltd. agreed to acquire 51% of Bitkub’s stocks. As a result, KUB coin value increased to 100 Baht (approx.) per 1 KUB
49.53 was the price of the token prior to the official disclosure of the acquisition.
source: tradingview
The SEC received a complaint that a trader that was aware of the acquisition prior to the public disclosure and used his knowledge to buy KUB.
The SEC began investigating the allegations and discovered the negotiations between SCB Securities and Bitkub began in August 2021. Between September 2021 – 2 November 2021, Bitkub’s CTO has allegedly began aggressively buying KUB coins.
The SEC determined that it was irregular behavior compared to trading prior to having possessed the knowledge of the upcoming acquisition.
Actions were taken against the CTO, which resulted in a hefty fine.
The SEC stated that in even the CTO does not consent to the fine, a letter will be sent to the prosecutor asking to proceed with prosecution and ask for the highest possible rate provided by law.
Last month the SEC fined the exchange with a 24 million Bahts fine for providing inaccurate trading vlume of cryptocurrencies in 2019.
SCB Terminated the Acquisition
Following the SEC investigation into the listing process of KUB, Siam Commercial Bank (SCB) terminated the acqusition, which was worth 17.8 billion Baht. SCB X Plc, the holding company for the commercial bank, said in a statement:
‘Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, which are uncertain in terms of time frame in resolving those issues.
”As a result, the buyer and the seller have agreed to terminate the transaction.’
Bitkub CTO, Samret Wajanasathian appeals against the Securities and Exchange Commission’s (SEC) fine. The SEC accused Samret of insider trading, which took place in 2021.
The SEC barred Samret from his position at a CTO at Bitkub, the largest…
