The SEC fined “Satang – Bitazza” for not depositing digital assets with depository service providers according to the criteria, while Bitkub was hit in 8 cases.

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The SEC fined “Satang – Bitazza” in the case of keeping – not depositing digital assets with depository service providers according to the criteria, while bitcoin was hit in 8 cases where the system is not tightened.

The Compensation Committee, the Office of the Securities and Exchange Commission (SEC)

compare fine The company operates in digital asset business, consisting of 3 companies:

1.company BitazzaLimited in the amount of 3,564,000 baht because between 4 January 2021 and 31 July 2021, Bitazza Company Limited (“Bitazza”) as a digital asset business operator Digital Asset Broker Type Keep the client’s digital assets in a network connected system only when transacting (“cold wallet”) Less than 90 percent of the total customer digital asset value retained. and not depositing customer digital assets with digital asset depository service providers according to the announced rules for 185 days

2.Satang CorporationLimited to a fine of 4,656,000 baht because between January 1, 2021 and July 31, 2021, Satang Corporation Company Limited (“Satang”) as a digital asset business operator Type of digital asset trading center Keep the client’s digital assets in a network connected system only when transacting (“cold wallet”) less than 90 percent of thedigital asset valueof all customers retained and not depositing digital assets of customers with digital asset depository service providers according to the announced rules for 212 days
 

3. CompanyBitkub OnlineLimited to 8 cases with a total value of 3,971,500 baht as follows:

  1. Between 2-21 January 2021 Bitkub Online Co., Ltd.(“BitKap”)As a digital asset business operator Type of digital asset trading center There is a work system related to trading. Deposit and withdrawal system and a system to display the balance of the customer’s assets Inappropriate and sufficient to allow Bitkub to operate business continuously and efficiently, fined 305,000 baht
  2. During January 2021, Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center Report an incident that affectsinformation systemthat matter Type of system disruption to the office after the period of time announced 6 times, comparatively a fine of 454,000 baht.
  3. Between January 6, 2021 and May 28, 2021, Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center There is a work system that supports the collection and assessment of inappropriate and sufficient customer information for Bitkub Company to operate its business efficiently. by a fine of 398,500.00 baht
  4. Between December 28, 2020 and January 20, 2021, Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center There is a work system related to receiving and handling complaints. and providing channels to communicate with customers Including the number and knowledge and ability of the personnel is not appropriate and sufficient to allow the firm to operate the business efficiently. by a fine of 160,500.00 baht
  5. Between January 8, 2021 and July 19, 2021, Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center There is a system in place to help strengthen and maintain the trading system’s surveillance mechanism, not concise enough to allow bitcoins to immediately recognize transactions that may qualify as a price push from system alerts. by a fine of 1,265,000.00 baht
  6. Between January 8, 2021 and March 7, 2021, Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center There is insufficient regulatory system for compliance of digital asset operators (Compliance) to enable Bitkub to operate its business efficiently, ie, it does not oversee the product department to track the qualification of CTXC digital coins. Therefore did not update the version of the coin, making such coins traded in Bitkub’s digital asset exchanges cannot be traded in other digital asset exchanges. And there is a very unusual price adjustment. by a fine of 230,500.00 baht
  7. Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center Failure to comply with the rules, conditions and methods of trading digital assets (trading rules) approved by the SEC by stopping trading of digital coins denominated in JFIN Coin (JFIN) and Infinitus (INF). temporarily with a fine of 300,000.00 baht
  8. Between January 1, 2021 and July 31, 2021, Bitkub Online Company Limited (“Bitkub”) as a digital asset business operator Type of digital asset trading center Retain customer digital assets in a network connected system only when transacting (cold wallet) less than 90% of the customer’s total digital assets retained for 33 days, with a fine of 858,000.00 baht.

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The SEC fined “Satang – Bitazza” for not depositing digital assets with depository service providers according to the criteria, while Bitkub was hit in 8 cases that appeared first on Bitcoin Addict.

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