The SEC has announced civil penalties for Mr. Pramin Insom, Chief Executive Officer and Managing Director of Stang Corporation Co., Ltd. (Satang Company) for allegedly sending an order to match cryptocurrencies. BTC, ETH and XRP between each other in Satang Pro Trading Center, misleading the public regarding the volume of digital assets bought or sold. By considering a fine of 6 million baht and prohibited from being an executive of a digital asset business operator for 1 year
The Office of the Securities and Exchange Commission (SEC) has announced the consideration of penalties for Mr. Pramin Insom, Chief Executive Officer and Managing Director of Stang Corporation Company Limited (Satang Company), which has entered into a contract with LLC Fair Expo, which allows Mr. Mikalai Zahorski to act as a director. Market Maker provides liquidity in Satang Pro Digital Asset Exchange (Satang Pro Trading Center) and has provided a trading limit to use in doing so, which in February 2019
LLC Fair subsequently sent BTC, ETH and XRP crypto-coins matching orders amongst themselves in Satang Pro, misleading the public regarding the volume of purchases and sales. digital assets
In this regard, the function of the Market Maker is to deliver the trading report in the Market Maker account to the Satang Company for acknowledgment. The offense of Satang Company The above is caused by the order or to act or not to order or not to act which is the duty of Mr. Paramin Chief Executive Officer and Authorized Director which is the person responsible for the operation of Satang Company
Subsequently, on August 25, 2022, the SEC Office has taken civil action, which Mr. Paramin Insom has agreed to comply with the civil sanctions measures. According to the committee considering the civil sanctions as follows:
1. Pay a civil fine of 6,000,000.00 baht.
2. Do not trade digital assets or enter into derivatives contracts related to digital assets. From 25 August 2022 to 24 February 2023
3. Do not be a director or executives of digital token offerings From 25 August 2022 to 24 August 2023
4. Do not be a director or executive of a digital asset business operator. From 25 August 2022 to 24 August 2023
5. Reimburse the office expenses for the examination of 40,323.00 baht.
