The SEC has disclosed civil sanctions against 4 offenders for creating artificial volumes of digital assets in Satang Pro digital asset exchange center (Satang Corporation) of Satang Corporation Company Limited (Satang Company). commit a total payment of 24,161,292 baht, set a period for prohibiting the trading of digital assets or digital asset futures contracts 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 Satang Pro. ) Stang Company (2) LLC Fair Expo jointly submitting orders or selling digital assets or buy or sell digital assets This is to mislead the general public about the volume of digital asset purchases or sales in Satang Pro Trading Center; (3) Mr. Pamin Insom as the Chief Executive Officer and Managing Director of Satang and (4) Mr. Mikalai Zahorski. Owner and Managing Director of LLC Fair Expo Company is the person responsible for the operations of Satang Company and LLC Fair Expo Company (respectively) directing or acting or not directing or not acting as a duty to act This caused Satang and LLC Fair Expo to commit such an offense.
Satang Company by Mr. Paramin Has entered into a contract with LLC Fair Expo by Mr. Mikalai for LLC Fair Expo to act as a market maker in the Satang Pro trading center and has given a trading limit to use in such duties. An investigation by the SEC found that in February 2019, LLC Fair Expo submitted a pairing order for 3 crypto-currency coins: Bitcoin (BTC), Ethereum ( ETH) and Ripple (XRP), which are paired against each other on Market Maker’s cryptocurrency trading accounts in Satang Pro Trading Center, where each of these coins are traded against each other. It accounts for 96-99% of the total trading volume of the Market Maker trading account, or 81-97% of the total trading volume of the Market. Market Maker to Satang Company every month
The action of Satang Company and LLC Fair Expo is an offense to purchase or sell 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) in conjunction with Section 48(2)(3) of the Royal Decree on Digital Asset Business 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 3 counts (counted according to the number of coins)
As for the actions of Mr. Paramin and Mr. Mikalai, it is an offense as the persons responsible for the operations of Satang Company and LLC Fair Expo Company (respectively) ordering or acting or not giving orders or not acting as their duty. compulsory causing Satang Company and LLC Fair Expo to commit the above crimes. 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 3 counts (counted according to the number of coins)
The Civil Punishment Measures Committee (OCC) resolved to apply civil sanctions to all four offenders by stipulating civil penalties, 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 the satang company Pay the maximum civil fine according to law and reimburse the SEC’s expenses due to investigations of wrongdoings. Total amount is 6,040,323 baht.
(2) For LLC Fair Expo Company to pay the maximum civil fine according to the law and pay the SEC’s expenses due to investigation of wrongdoing in the total amount of 6,040,323 baht and impose a measure prohibiting the trading of digital assets or contracts. Trading digital asset futures for 6 months
(3) to Mr. Paramin Pay the maximum civil fine according to law and pay the SEC’s expenses due to the investigation of wrongdoing totaling 6,040,323 baht and have Mr. Paramin jointly liable for the civil sanctions carried out with Satang Company. such as 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 (Securities Act) amended No. 5 2016 In addition, the Civil Service Commission has imposed a measure to prohibit trading of digital assets or digital asset futures contracts for 6 months and prohibiting them from serving as directors or executives for 12 months.
(4) Ask Mr. Mikalai to pay the maximum civil fine according to the law and pay the SEC’s expenses due to the investigation of wrongdoing in the total amount of 6,040,323 baht and Mr. Mikalai will be liable in the punishment measure. Civil actions taken against LLC Fair Expo, such as joint debtors under Section 99 of the Digital Assets Act, in conjunction with Section 317/11, paragraph two of the Securities and Exchange Act. Has imposed a measure to prohibit trading of digital assets or digital asset futures contracts for 6 months and prohibiting being a director or executive 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.
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