SEC discloses civil sanctions against offenders 3 cases in the case of creating artificial volumes of digital assets in Bitkub digital asset exchange center (Bitkub trading center) of Bitkub Online Company Limited (Bitkub Company) by allowing the offender to pay a total of 24,161,292 baht. digital asset futures and set a time limit for being a director or executive
The Securities and Exchange Commission (SEC) found that there was a suspicion that there may have been artificial volume creation in the Bitkub exchange, and it was found that the actions were considered to be the faults of three individuals: (1) Bitkub Company (2) Mr. Anurak Chuachai joins in sending orders or selling digital assets or buy or sell digital assets which is misleading the general public about the volume of digital asset purchase or sale in the Bitkub exchange; or not to order or not to act which is a duty that must be done causing the Bitkub Company to commit such an offense
Bitkub Company by Mr. Sakonakorn It has contracted with Mr Anurak to have Mr Anurak act as a market maker in the Bitkub exchange, and has loaned Mr Anurak money to do so. According to the SEC investigation, it was found that in February 2019, Mr. Anurak sent a pairing order for 4 cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH). ) Ethereum (ETH) and Ripple (XRP), which are paired against each other in their own cryptocurrency trading account in Bitkub, where each of these coins is traded. It accounts for 84% – 99 percent of Mr. Anurak’s total trading volume. and from 57 – 99 percent of the total trading volume including the market Bitkub Company and Mr. Sakonkorn were aware of the pair trading in Mr. Anurak’s trading account. But there was no objection to the crypto-currency trading orders of Mr. Anurak.
The actions of Bitkub Company and Mr. Anurak are guilty of placing an order or selling digital assets. or buy or sell digital assets This is causing the general public to misunderstand about the amount of digital asset purchases or sales under Section 46(1) and Section 48(2)(3) of the Digital Asset Business Act B.E. digital assets) in conjunction with Article 83 of the Penal Code Which has penalties under section 70 of the same royal ordinance, which is an offense of 4 counts (counted according to the number of coins)
As for the actions of Mr. Sakolakorn, it is an offense as a person responsible for the operations of Bitkub Company, giving orders or acting or not giving orders or not acting which is a duty that must be done. causing Bitkub Company to commit an offense in the above case which must be subject to the same penalty under Section 94, in conjunction with Section 46(1) and in Section 48(2)(3) of the Digital Assets Act. which must be punished according to section 70 of the same royal ordinance, which is an offense of 4 counts (counted according to the number of coins)
The Civil Sanctions Committee (OCC) resolved to apply civil sanctions to all three offenders by stipulating civil sanctions, including civil fines. reimburse the SEC’s expenses due to the investigation of wrongdoings Measures to prohibit the trading of digital assets or digital asset futures contracts and measures prohibiting being a director or executive of a digital token offeror or digital asset business operator as follows:
(1) to Bitkub Company Pay the maximum civil fine according to law and reimburse the SEC’s expenses due to investigations of wrongdoings. Total amount is 8,053,764 baht.
(2) Mr. Anurak pay the maximum civil fine according to the law and pay the SEC’s expenses due to investigations of wrongdoings totaling 8,053,764 baht, impose a measure to prohibit the trading of digital assets or digital asset futures contracts for 6 months; and Prohibited from being a director or executive for 12 months.
(3) to Mr. Sakonakorn Pay the maximum civil fine according to the law and pay the SEC’s expenses due to investigations of wrongdoings totaling 8,053,764 baht, and Mr. Sakon joins the liability in the civil sanctions conducted against Bit tight companies like joint debtors under Section 99 of the Digital Assets Act, in conjunction with Section 317/11, paragraph two of the Securities and Exchange Act B.E. 2535 as amended No. 5 B.E. The Civil Service Commission has imposed a ban on trading of digital assets or digital asset futures contracts for 6 months and prohibiting them from serving as directors or executives for 12 months.
The aforementioned stipulations for the prohibition of trading in digital assets or digital asset derivatives and the aforementioned period of prohibition from being a director or executive shall be effective from the date the offender signs the memorandum of consent to comply with the sanctions. Civil way as prescribed by the Civil Service Commission.
If the offender does not agree to comply with the civil sanctions imposed by the SEC, the SEC will issue a letter requesting the public prosecutor to file a lawsuit in the civil court in order to impose civil sanctions at the highest rate prescribed by law. not lower than the rate specified by the Civil Service Commission
In this regard, the civil fines received from the commission of an offense are state revenues remitted to the Ministry of Finance.