The Securities and Exchange Commission (SEC) has announced civil sanctions against the perpetrators of Samrong Wachanasathien (Mr. Samrong), Chief Technology Officer of Bitkub Blockchain Technology Company Limited (BBT), for the purchase of the digital token of Bitkub Coin. KUB) as a person who knows or possesses inside information by allowing the offender to pay a total of 8,530,383 baht and set a period of prohibition from being a director or executive for 12 months
The Securities and Exchange Commission (SEC) has monitored trading conditions on the digital asset exchange of Bitkub Online Company Limited, also known as Bitkub Exchange, according to the Siam Commercial Bank Public Company Limited (SCB). Information via the information system of the Stock Exchange of Thailand on November 2, 2021 at 18.53 hours that SCB Securities Company Limited will enter into an agreement to purchase 51% of the total shares of Bitkub Online Company Limited (BO) from Bitkub Company Limited. Capital Group Holdings Company Limited (BCGH) valued approximately 17,850 million baht, provided that The result of due diligence of the BO Company must be satisfactory and the counterparty has fully complied with the conditions stipulated in the share purchase agreement.
Events based on this information have a significant impact on the price of KUB coins offered for sale by BBT, a subsidiary of the Bitkub group and its correlation. This is inside information about BBT. On November 2, 2021, the transaction price of KUB token has increased compared to the period before the disclosure. The highest price of the day was at 99.99 baht, an increase of 101% from 49.53 baht, which was the last price before the disclosure of information.
In addition, the SEC has received complaints to investigate cases where there is a suspicion that a person is trading KUB coins with knowledge or possession of inside information about the incident under the aforementioned information. The results of the SEC’s audit revealed that SCB Banking Group and BCGH Company Limited started negotiating the trading of BO’s shares since August 2021 and during 4 September – 2 November 2021 prior to the disclosure of such inside information. Mr. Samraj, who served as the Chief Technology Officer (CTO) of BBT, has continued to buy large amounts of KUB coins in the amount of 61,107.66 dollars, worth 1,994,966.56 baht, which is different from the behavior before such insider information.
The act of Mr. Success is an offense of buying KUB coins by being a person who knows or possesses inside information under Section 42(1) and Section 43(1), which has penalties under Section 70 and Section 72 of the Digital Asset Business Royal Decree. 2018
The Civil Sanctions Committee (OCSC) resolved to successfully apply civil sanctions to Mr. by stipulating civil sanctions, including civil fines reimburse the amount equal to the benefits received or receivable and reimburse the SEC’s expenses due to the investigation of wrongdoings. totaling 8,530,383 baht, including being prohibited from being a director or executive of a digital token offeror or digital asset business operator for 12 months
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 civil sanctions prescribed by the Civil Service Commission. The SEC will have a letter requesting the public prosecutor to file a lawsuit with the Civil Court to impose civil sanctions at the highest rate prescribed by law, not lower than the rate prescribed by the SEC.
In this regard, the civil fines and compensation for benefits received from the commission of an offense are state revenues remitted to the Ministry of Finance.
In this case, the SEC has coordinated with the Central Investigation Headquarters (BorChor.Kor) by the Economic Crime Suppression Division (ECD) to investigate and gather facts. and evidence This is in line with the policy of the two agencies that have discussed ways to proactively work together in investigating and investigating crimes related to capital markets and digital assets. to increase the efficiency of law enforcement
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