Repeatedly wrong! The SEC ordered a fine of “Bit Kub”, a Thai unicorn, a total of 13 times, worth more than 126 million baht in fines, plus it is to be hoped for a big case that is being investigated in the case of “KUB ” Coin manipulation. In the year 64 and the correction of coin properties that are overly favorable Causing disqualification to trade on the digital assets board
Throughout the year 2022, the Bitkub group under the Bitkub Capital Group Holdings Company Limited network has been hit hard by the monsoon. If the cryptocurrency market is in full bear market. It does the price of coins and the value of the cryptocurrency market. as different as the sky and the abyss from the year 2021
Although Mr. Jirayut Subrisofa I will try to come out to do public relations Including the current node to meet the leaders of various organizations During the 2022 APEC meeting hosted by Thailand But it can’t help much. Reflected by the price of the KUB coin which has fallen sharply. From what was the top price of over 580 baht to under 60 baht currently
This does not include behaviors that are often disobedient and against the rules. Digital assets law that regulators such as the Securities and Exchange Commission (SEC) must investigate and take investment measures in many cases Until SCB X group announced the failure of the big deal to buy Bitkub Online Co., Ltd. in the proportion of 51% with a total value of over 17,850 million baht.
iBit investigated the misconduct of “Bit Kub” which the SEC investigated and applied civil measures to punish. Found since the start of the deal, the SEC has ordered a total of 13 Bitkub fines, totaling more than 126 million baht, which is the most among digital asset operators. which is authorized by the SEC, consisting of
1. Between 2 and 21 January ’21, “Bit Kub” has a system related to trading. Deposit and withdrawal system and a system for viewing client assets It is not appropriate and sufficient for Bitkub to operate continuously and efficiently. fined in the amount of 305,000 baht
2. In the month of Jan. 64 “Bitkub” reports events affecting sensitive information systems. Kind of system outage to the SEC, beyond the announced period, 6 times, a fine of 454,000 baht.
3. Between Jan 6 ’21 and May 28 ’21, “Bitkub” has a system in work supporting the collection and evaluation of inappropriate and sufficient customer data to enable Bitkub to run its business efficiently. A fine of 398,500 baht.
4. Between December 28 ’20 and January 20 “Bitkub” has a system for receiving and handling complaints. and providing channels to communicate with customers Including the number, knowledge and skills of personnel that are inadequate and sufficient to enable Bitkub to operate efficiently, fined 160,500 baht.
5. Between January 8 ’21 and July 19 ’21, “Bit Kub” has a working system that helps to strengthen and keep the working mechanism of the trading system orderly. (surveillance) is not concise enough to immediately notify Bitkub of a transaction that can be considered a price boost from the system notification, a fine of 1,265,000 baht.
6. Between January 8 ’21 and March 7 ’21, “Bitkub” has a system for the supervision of the operation of digital asset industry operators (compliance) is not strong enough to make Bitkub companies able to do business efficiently, that is, it does not supervise the product department to track the properties of digital coins, CTXC does not update the version of the coin, making such coins traded in Bitku digital asset exchange center impossible to exchange in the exchange center. and there is a very unusual price adjustment, a fine of 230,500 baht
7. “Bitkub” fails to comply with SEC-approved rules, conditions and procedures for trading in digital assets (Trading Rules) by discontinuing trading of JFIN Coin (JFIN). ) and Infinitus (INF), temporarily fined 300,000 baht
8. Between January 1, 2021 and July 31, 2021, “Bitkub” keeps customers’ digital assets in a network-connected system only when they transact (cold wallet) less than 90% of the value of all customers’ digital assets withheld for 33 days, adjusted to 858,000.00 baht
9. Between January 5, 21 and January 24, 21, “Bit Kub” allows a person who is not a director or manager of the company to Participate in the construction management.
10. On May 5, 2022, the SEC ordered six digital asset selection committees, Bitkub Online Co., Ltd., to select KUB coins to trade on the board against conditions and disregarding measures to prevent conflicts of interest. Adjusted to a total amount of 15,201,000 baht.
11. On June 30, 2022, the SEC ordered a bid adjustment. and Mr. Sakonkorn Srakwee as Chief Executive Officer and Chief Executive Officer of Bitkub Mr. Anurak Chuachai Marketmaker Artificial Volume Generation to Manipulate Digital Asset Prices on Bitcoin Exchanges Fined 24,161,292 Baht, Including Ban on Trading Digital Assets o digital asset futures contracts for 6 months and a ban from being a director or manager for 12 months
12. On August 31, 2022, fined Mr. Samart Wachanasathien, Chief Technology Officer, Bitkub Blockchain Technology Co., Ltd., using insider information in an agreement to purchase shares of Bitkub Online Co., Ltd. in the proportion of 51% of the worth 17,850 million baht between Group A. SCB X and Bitkub Capital Group Holdings Co., Ltd. bought KUB coins, speculating on unusually large numbers. fined in the amount of 8,530,383 baht and banned from being a director or manager of Digital Token Sellers or Entrepreneurs Digital Assets 12 months
Most recently, on December 29, 2022, the SEC ordered a bid adjustment. Along with Mr. Sakolkon Srakavee, while committing the crime, he was the CEO and authorized director of Bitkub. and Mr. Anurak Chuachai, Marketmaker In case of artificial creation of the price of digital coins in the amount of 18 coins on the bitcoin exchange, they will be fined a total of 75,011,241 baht and banned from trading digital assets or futures contracts on digital assets for 4 months and prohibited from being a director or manager for 8 months.
However, the “Bit Kub” problem would not end there. because the great monsoon is about to follow in the near future, namely the case of the SEC ordering size changes of the previously highly rated KUB coin like never before Until the coin is eligible to trade on the digital assets council, which the SEC is expected to have sanctions soon, including the creation of the price of KUB coins during the year 64, when the price rose and fell abnormally until the SEC must investigate. Therefore, we must keep a close eye on each other.
