SEC in the meeting No. 7/22 on June 30, 2022, by virtue of Section 35, paragraph one of the Royal Decree on Digital Asset Business B.E. etc.) order Bitkub to amend the selection and approval of KUB coins for trading in the cryptocurrency exchange. (Trading center) of Bitkub within 30 days from July 1, 2022. Bitkub coordinates with Bitkub Blockchain Technology Company Limited (BBT), which is the issuer of the KUB token, by asking BBT to revise the project’s technology standards for the coin. KUB meets the scores reviewed by Bitkub on May 5, 2021, and requires Bitkub to provide clear evidence to the SEC that the KUB project’s technological standards meet the scores considered by Bitkub.
Due to the fact that on May 5, 2021, Bitkub approved the KUB coin to provide trading services in the Bitkub exchange, where the KUB coin does not meet the criteria to be approved for trading according to the selection criteria. Bitkub’s Listing Rule, which has been approved by the SEC. The SEC has reviewed the selection of KUB tokens and found that Bitkub has graded the KUB selection for Approval for trading in Bitkub’s exchanges does not comply with Bitkub’s Listing Rule approved by the SEC. Bitkub rated the project’s technology standard at a level that However, there is no evidence and documentation showing that KUB token actually has such technology. Bitkub also rated it in the Crowdfunding and Pre-ICO Sale Discounts category as inconsistent. With the nature of the KUB coin as well, the SEC considers that the overall selection score of KUB coin is not eligible for approval for trading in the digital asset exchange.
A few hours later, Bitkub’s official Facebook page released a statement about the incident. with the meaning that
According to the Securities and Exchange Commission issued a press release and a letter to Bitkub Online Co., Ltd. (“the Company”) ordering the Company to amend the selection and approval of KUB tokens for trading in its digital asset exchange. to comply with the relevant laws and regulations;
The company as a digital asset trading center service provider. Acknowledged the aforementioned issue and would like to inform you that The company is in the process of discussing with related parties. to consider the next step
The company would like to inform that the SEC asked the company to reconsider the selection and approval of KUB tokens in accordance with the company’s digital asset selection criteria. The criterion has empowered the company’s digital asset selection committee to use its discretion to select digital assets for trading in the company’s digital asset exchanges. Additionally, the selection committee’s KUB coin ratings are in good faith and are in accordance with the SEC’s approval of the company’s digital asset selection criteria.
“However, the SEC requesting the company to reconsider the selection and approval of KUB coins does not affect the KUB coin trading service in the company’s digital asset exchanges in any way,” the company would like to inform customers. you all know Throughout the past The company operates its business with honesty with due regard for the best interests of customers and the digital asset business as a whole.