Repeatedly wrong! The SEC has ordered a fine of “Bit Kub”, a Thai unicorn, a total of 13 times, worth more than 126 million baht in fines, plus you have to hope 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 to be disqualified to trade on the digital asset board
Throughout the year 2022, the Bitkub group under the Bitkub Capital Group Holdings Company Limited network has been hit hard by the monsoon. Whether the cryptocurrency market is in a full bear market. Makes the price of coins and the value of the crypto market. as different as the sky and the abyss compared to the year 2021
Although Mr. Jirayut Subsrisopha 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 from the price of KUB coin that has decreased heavily. From what used to make the highest price of more than 580 baht to less than 60 baht at present
This does not include behaviors that are often acts of disobedience and against the rules. Digital Asset Act that regulators such as the Securities and Exchange Commission (SEC) have to investigate and take investment measures in many cases Until causing the SCB X group to announce the collapse of the big deal to buy Bitkub Online Co., Ltd. in the proportion of 51% with a total value of more than 17,850 million baht.
iBit has investigated the wrong behavior of “Bit Kub” that the SEC has investigated and applied civil measures to punish. Found since the start of operation, the SEC has ordered a total of 13 Bitkub fines, totaling more than 126 million baht, which is the most among digital asset operators. that is authorized by the SEC, consisting of
1. Between 2 -21 Jan. ’21, “Bit Kub” has a system related to trading. Deposit and withdrawal system and a system for displaying customer assets It is not appropriate and sufficient for Bitkub to operate continuously and efficiently. fined the amount of 305,000 baht
2. During the month of Jan. 64 “Bitkub” reports events that affect sensitive information systems. Type of system disruption to the SEC, later than the announced period, for 6 times, a fine of 454,000 baht.
3. Between 6 Jan. ’21 to 28 May ’21, “Bitkub” has a work system that supports the collection and evaluation of customer data inappropriate and sufficient for Bitkub to operate its business efficiently. A fine of 398,500 baht.
4. Between 28 Dec. ’20 and 20 Jan. “Bitkub” has a system for receiving and handling complaints. and the provision of channels to communicate with customers Including the number and knowledge and skills of personnel that are inappropriate and sufficient for Bitkub to operate efficiently, fine 160,500 baht.
5. Between 8 Jan. ’21 to 19 Jul. ’21, “Bit Kub” has a work system that helps strengthen and maintain the working mechanism of the trading system to be orderly. (surveillance) is not concise enough to make Bitkub immediately aware of a transaction that may be considered a price push from the system notification, a fine of 1,265,000 baht.
6. Between 8 Jan. ’21 and 7 Mar. ’21, “Bitkub” has a system for supervising the operation of digital asset business operators (compliance) is not strong enough to make Bitkub companies Can do business efficiently, that is, 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 the Bitku digital asset exchange center unable to be traded in the exchange center. other digital assets and there is a very unusual price adjustment, a fine of 230,500 baht
7. “Bitkub” does not comply with the rules, conditions and procedures for trading digital assets (trading rules) approved by the SEC by halting the trading of JFIN Coin (JFIN). ) and Infinitus (INF), temporarily fined 300,000 baht
8. Between Jan. 1, 2021 and Jul. 31, 2021, “Bitkub” keeps digital assets of customers in a system connected to the network only when doing transactions (cold wallet) less than 90% of the Value of all customer digital assets retained for 33 days, adjusted to 858,000.00 baht
9. Between 5 Jan. 21 and 24 Jan. 21, “Bit Kub” allows a person who is not a director or executive of the company to Participated in the management of the work.
10. On May 5, 2022, the SEC ordered six digital asset selection committees, Bitkub Online Co., Ltd., for selecting KUB coins to trade on the board against the conditions and not taking into account the measures to prevent conflicts of interest. benefits 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 Managing Director of Bitkub Mr. Anurak Chuachai Marketmaker Generating artificial volume to manipulate digital asset prices on bitcoin exchanges fined in the amount of 24,161,292 baht, including being banned from trading digital assets or digital asset futures contracts for 6 months and being banned from being a director or executive for 12 months
12. On August 31, 2022, fined Mr. Samart Wachanasathien, Chief Technology Officer, Bitkub Blockchain Technology Co., Ltd., using inside information in a deal to buy shares of Bitkub Online Co., Ltd. in the proportion of 51% worth 17,850 million baht between Group A. SCB X and Bitkub Capital Group Holdings Co., Ltd. bought KUB coins, speculating in unusually large numbers. fined in the amount of 8,530,383 baht and prohibited from being a director or executive of Digital Token Sellers or Business Entrepreneurs Digital assets 12 months
Most recently, on 29 December 2022, the SEC ordered a bid adjustment. Along with Mr. Sakolkon Srakavee, while committing the crime, was the CEO and authorized director of Bitkub. and Mr. Anurak Chuachai, Marketmaker In the case of artificially creating 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 digital asset futures contracts for 4 months and prohibited from being a director or executive for 8 months.
However, the problem of “Bit Kub” would not end here. because the big monsoon is about to follow in the near future, namely the case where the SEC ordered amendments to the KUB coin measures that had previously been given a high rating like never before Until causing the coin to be ineligible to be traded on the digital asset board, which is expected that the SEC will soon have penalties, including creating the price of KUB coins during the year 64, when the price went up and down abnormally until The SEC must investigate Therefore, we must keep an eye on each other closely.