SEC approves Bitkub to suspend accepting new customers
February 5, 2021 | Issue 24/2021
The SEC passed a resolution for Bitkub Online Company Limited (Bitkub) to suspend accepting new clients until the company revised its work system to ensure that it can deliver the service efficiently. Since it is considered that the Company is still unable to resolve the problematic work system to be suitable and sufficient for the business volume. Which may cause damage to the public
According to the Securities and Exchange Commission (SEC) issued a letter to Bitkub, a digital asset exchange operator, to submit a plan for remediation and rectification of the system in question. The problem will be completed within 5 days from the date of January 18, 2021 in accordance with the resolution of the SEC. The company has revised the work system and submitted the remedial plan to the SEC on January 23, 2021.
The SEC’s meeting No. 3/2021 on February 4, 2021 considered and agreed that The company is still unable to resolve the problematic work system for various work systems. It is appropriate to enable efficient business operation. Which may cause damage to the public Therefore, it passed a resolution by virtue of Section 35, paragraph two of the Digital Asset Business Emergency Decree, B.E. 2561 (2018), requiring the company to suspend exposure to new customers. Including customers who are in the process of confirming or proving their identity to open an account until the company shows to the SEC that the work systems and personnel are suitable and sufficient according to the nature, size and quantity of the business. To be able to operate the business efficiently as follows
(1) Provide a trading system that is adequate for the volume of clients and transactions expected to occur in the future according to the business plan. By showing the policy of accepting customers that are consistent with the capabilities of the work system. And displays the system load test and stress test report performed by a competent and reliable independent assessor.
(2) Provide a system for clients to immediately withdraw assets in the event of a trading system failure. By showing the results of the test operation of the system if such an event occurs
(3) Provide a customer acceptance system. Customer Verification and Authentication (KYC) that can identify the real customer or real beneficiary. By improving the customer acquisition process to have checks in order to know the facts about the customer Also, provide evidence when the procedures have been revised. Also, show a plan for implementing the revised steps and implementing the revised steps to the existing customers within a reasonable period of time.
(4) Arrange a plan for dealing with and providing services. And plans to resolve complaints So that complaints can be handled effectively And there is a compensation plan that the company will have to customers who are affected by the problems that arise. The details of the criteria, conditions and methods of compensation for damages that the company will compensate the customer. Arranging such details to be communicated to affected customers Including a communication channel with customers that will be compensated for the damage according to the plan.
(5) Provide a system that can support business continuity (Business Continuity Plan: BCP) to support emergencies in various cases, which must be a clear plan and can be implemented.
Requesting the company to submit evidenced documents Information statement And the test results to demonstrate confidence in the aforementioned issues to the SEC immediately upon completion To propose to the SEC to consider the company to continue to accept new customers.
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