SEC orders “Bitkub” to send a plan to fix the system in 5 days.
200 Bitcoin investors call to consult the SEC after the company dissolves business
Bitcoin Company Limited Announces Cessation of Crypto Trading Business
On February 5, 2021, the reporter reported The Securities and Exchange Commission or the SEC approved Bitkub Online Co., Ltd. (Bitkub) to suspend acceptance of new clients until the company has revised its work system to ensure that it can deliver services 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 considers that The company is still unable to resolve the problematic work system so that the various work systems are suitable in order to operate the business efficiently. Which may cause damage to the public Therefore passed a resolution by virtue of Section 35, paragraph two of the Royal Decree on Digital Asset Businesses B.E. 2561 Let the company stop accepting 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 various work systems and personnel are suitable and sufficient according to the nature, size and quantity of the business. In order to be able to conduct 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 customers to withdraw assets immediately in case of 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. Provide a contact and service plan. 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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