After the SEC fined Bitkub Online Co., Ltd. (Bitkub Company), Mr. Sakon Sakawee, Chief Executive Officer and Managing Director of Bitkub Company, and Mr. Anurak Chuachai, most recently, Bitkub was out. to clarify such cases.
The company stated that Due to the announcement of the Securities and Exchange Commission (SEC) in the case of fine comparison of Bitkub Online Company Limited (“the Company”) from the market maker or Market Maker in the digital asset trading center of the Company the has carried out matching trading of digital assets In the Market Maker trading account in 2019, it is misleading the public about the volume of digital asset trading.
The Company would like to inform that The purpose of having a Market Maker at that time was to maintain liquidity in the company’s digital asset trading center. which recently opened to have a digital asset trading price that is close to the world market price It is intended solely for the benefit of clients in trading digital assets. By examining the Market Maker, it only sends the trading price in accordance with the direction of the digital asset price in the world market at that time.
However, when the company received information from the SEC about the above actions, the company has investigated, suspended, ordered to stop sending orders for digital asset purchases from the said market maker from 2019 and the company was able to Developing a system to prevent mutual matching of orders sent from the same account has been completed so that this does not happen again in the future.
In addition, the company has set up a Market Surveillance team to investigate improper behavior, such as sending matching orders from multiple accounts of ill-wishers in order to maintain the company’s digital asset trading center. Operate according to market mechanisms under the measures to prevent and detect irregular trading orders in the company’s digital asset trading center. and has been reported to the SEC Office all the time. Investors and all related parties are confident and trust that the Company has taken preventive measures and inspections and has exercised the utmost caution in its business operations. to prevent such incidents from happening again
The Company would like to inform that the Company has no intention to commit any illegal acts and does not receive any benefit from the sending of Market Maker orders. Throughout the past period, the Company has operated business with good faith in accordance with the Company’s principles. government and legal by taking the benefit of customers and investors as a priority We also use our utmost efforts to supervise and check for those involved to operate with care and in accordance with the law. The Company will continue to adhere to these principles in the Company’s business operations. to the future
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