- Bitkub’s CTO Samret Wajanasathian was penalized 8,530,383 baht (about $234,000).
- The announcement caused a 101% increase in the price of KUB.
Enforcement procedures were taken by the Securities and Exchange Commission of Thailand. The action was taken against the chief technology officer of the cryptocurrency exchange Bitkub. This was for allegedly using insider knowledge to buy Bitkub Coin (KUB). Bitkub is one of the prominent exchanges in Thailand, founded in 2018.
Bitkub’s CTO Samret Wajanasathian was penalized 8,530,383 baht (about $234,000). Furthermore, he was banned from serving as a director or executive officer of any cryptocurrency company for a year, the Thai SEC said on Tuesday.
The SEC stated:
“The act of Mr. Wajanasathian is an offense of buying KUB coins by being a person who knows or possesses inside information.”
Wajanasathian, according to the financial watchdog, allegedly spent almost $61,000 on KUB tokens. This was before Siam Commercial Bank (SCB) announced it would buy a 51% stake in the cryptocurrency exchange. The announcement caused a 101% increase in the price of KUB.
Deal Now Cancelled by SCB
The “period of prohibition from being a director or executive” will not begin until Wajanasathian signs a memorandum of consent, according to the Thai SEC. Although the chief technology officer’s LinkedIn profile indicated that his role at Bitkub had not changed. He was not mentioned anywhere on the official site.
The SCB stated on Thursday that it had withdrawn from a $500 million proposal to become the largest shareholder of Bitkub owing to worries about the cryptocurrency exchange “resolving various issues,” in line with recommendations from the SEC. Moreover, the bank may or may not have known that the financial authority was planning enforcement measures against Bitkub’s chief technology officer.
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