Thailand’s SEC sues 5 for wash trading activities

2022-9-28 22:12

Thailand’s Securities and Exchange Commission (SEC) is suing five entities over wash trading activities on two crypto exchanges, Bitkub and Satang corporation.

According to a Sept. 27 press release from the regulator, public prosecutors have been directed to sue Bitkub and two individuals for creating artificial volume for digital assets in the exchange.

The lawsuit was filed in a civil court, and prosecutors asked for civil sanctions of 24,161,292 baht ($636,000). Also, the regulator wants the court to ban the accused from trading crypto assets and being executives and directors of crypto firms.

The SEC had earlier proposed that the two individuals, Anurak Chuachai and Sakon Srakawee, should not trade crypto assets or their derivatives for six months or be directors or executives of a digital assets company for 12 months.

But the offenders did not comply, hence the prosecution. The SEC added Mr. Sakon to the liability as co-debtor and wants the ban on the two individuals to be to the full extent of the law.

In August, Thailand’s SEC fined Bitkub Chief Technology Officer Samret Wajanasathian 8.5 million baht ($235,000) for insider trading. It also fined the exchange in May for not complying with local regulations when listing its native token, KUB.

Wash trading is an illegal market manipulation tactic that misrepresents demand for digital assets.

Thai SEC targets two more entities

Two other entities, LLC Fair Expo and Mr. Mikalai Zahorski, were also sued for similar offenses at the Satang Pro exchange.

The regulator wants the court to impose a fine of 12,080,646 baht ($315,000) along with trading ban terms.

The SEC is resorting to civil action after the offenders refused to comply with the punishment imposed on them two months earlier.

Thai SEC tightens noose on crypto

Thailand’s SEC has increased its oversight function over the crypto space in light of the recent market implosion. The regulator accused Zipmex and its CEO Eklarp Yimwilai of failing to comply fully with its demand for information on how the firm managed its assets.

Meanwhile, the financial regulator banned crypto companies from offering staking and lending services to protect traders from the risk associated with the market.

The post Thailand’s SEC sues 5 for wash trading activities appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Open Trading Network (OTN) на Currencies.ru

$ 0.0064948 (+0.67%)
Объем 24H $0
Изменеия 24h: 1.44 %, 7d: 12.76 %
Cегодня L: $0.0064948 - H: $0.0064948
Капитализация $13.149k Rank 2181
Доступно / Всего 2.025m OTN / 100m OTN

trading activities wash thailand sec sues corporation

Источник: cryptoslate.com

trading activities → Результатов: 126


Фото:

FDIC Advises Financial Institutions and the Public On Crypto Assets

Liquidity troubles at the US-based cryptocurrency brokerage firm Digital Voyager led to the suspension of trading activities on its platforms in July 2022. The liquidity crisis arose from the Singapore-based crypto hedge fund, Three Arrows Capital (3AC), which failed to repay a loan of about US$650 million to Voyager Digital. Voyager Digital later made various […]

2022-8-6 21:07


Goldman Sachs Begins Trading Ethereum-Linked Derivative Product

Bloomberg reported on Monday that Goldman Sachs has begun trading a sort of derivative linked to Ethereum. Goldman Sachs Launches Derivative Product As a torrent of institutional money entered the market in 2021, the investment bank relaunched its crypto activities, with the core of its services focusing around derivatives tied to cryptocurrencies like bitcoin. Goldman […]

2022-6-14 18:46


Chinese citizens are showing more interest in Web 3.0

Over the past few years, the Chinese government declared a full-fledged war on the crypto industry, barring its citizens from carrying out either trading activities or mining digital assets.  While this action has led to the demise of many crypto-related firms in the country, interest in the industry appears unaffected as a recent tweet from […] The post Chinese citizens are showing more interest in Web 3.0 appeared first on CryptoSlate.

2021-12-14 16:29


China Completely Blacklists Crypto Mining, Adds It To The “Negative List For Market Access”

China’s authoritarian government has fixed its sights firmly on cutting all access to cryptocurrency-related activities in the country. Regulators in China banned cryptocurrency trading and mining this year, with the country’s central bank reiterating the ban by announcing that all crypto-related business dealings were now “illegal” late last month prompting cryptocurrency businesses to begin to […]

2021-10-13 14:50


Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes

Cardano investors in Japan have come under scrutiny after authorities reported that investors in the asset had underreported their taxes from their trading activities. It was reported that multiple cities in the country had seen profits from trading in Cardano’s native token ADA but had not reported the earnings made from investing in the digital asset.

2021-10-7 02:00


Фото:

UAE Financial Authorities Approve Cryptocurrency Trading

The Securities and Commodities Authority (SCA) and the Dubai World Trade Centre Authority (DWTCA) have signed an agreement supporting the regulation, issuance, listing, and trading of crypto assets and blockchain-related financial activities within the DWTCA free trade zone, according to a press release on December 22, 2021. The UAE Lures Crypto Startups In a bidRead More

2021-9-24 23:00


Фото:

Nigerian High School Defies Regulatory Bodies By Accelerating Bitcoin Adoption

Countries like Nigeria, which are classified as emerging markets with weak economies, are seeing a huge surge in crypto activities. As with the case in Nigeria, these activities are usually related to crypto companies and exchanges opening operations in the country and recording significant growth in trading volume. This time though, the news is coming […]

2021-6-28 23:49


Фото:

Market Bloodbath Continues as Chinese Government Mulls Banning Bitcoin Mining Activities

The Chinese government has doubled down on its anti-cryptocurrency regulations. Recent reports reveal that government officials called for a crackdown on bitcoin trading and mining activities. Another China FUD? In a meeting held on Friday (May 21, 2021), the Financial Stability and Development Committee of the State Council, headed by Liu He, vice Premier ofRead More

2021-5-22 01:00


Фото:

Bearish Rumble Intensifies As China Moves To Crack Down On Bitcoin Mining and Trading Activities

China appears to be ready to go to war with Bitcoin and other cryptocurrencies just about a month removed from changing its stance on digital assets. Earlier this week, it was reported that the country had banned financial institutions from conducting any crypto transactions but subsequent claims pointed out that the powers that be are […]

2021-5-22 20:25


Addressing the concerns of Crypto trading industry through revolutionary products and prime brokerage services

As the activities in the crypto space heighten up, leading to a road of massive adoption, DeFi remains a critical driver for what we witness today. While Bitcoin has gained momentum and Ethereum is on the journey of addressing its scaling issues, the DeFi and CeFi industry are in the quest of outplaying each other […] The post Addressing the concerns of Crypto trading industry through revolutionary products and prime brokerage services appeared first on NullTX.

2021-5-9 10:13


Фото:

Addressing the concerns of the Crypto trading industry through revolutionary products and prime brokerage services

As the activities in the crypto space heighten up, leading to a road of massive adoption, DeFi remains a critical driver for what we witness today. While Bitcoin has gained momentum and Ethereum is on the journey of addressing its scaling issues, the DeFi and CeFi industry are in the quest of outplaying each other […]

2021-5-8 22:35


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Thailand raids illegal Bitcoin mine after frequent power outages

Thai authorities raided an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, following reports of frequent blackouts over the past month.  According to AFP reports, the raid, carried out by the Provincial Electricity Authorities and local police,…