The Thai Securities and Exchange Commission (SEC) said it had investigated the insider trading incident and issued a fine of $230,000.
The fine has been imposed on Samret Wajanasathian, CTO of crypto-currency firm Bitkub, who the regulator says used insider information to profit. The regulator clarified that the investigation began after a complaint about insider trading on Bitkub in KUB tokens.
During an investigation, the SEC found that CTO Samreth Wajanasatian purchased approximately $60,000 worth of KUB tokens over a four-month period from August to November 2021. During this time, Bangkok-based Bitkub was in talks with Siam Commercial Bank Public (SCB) to sell 51% stake in Bitkub Online Company, a subsidiary of Bitkub Group, which operates the Bitkub cryptocurrency exchange. After the announcement of SCB interest, the value of KUB coins increased by more than 100%.
In addition to imposing a fine for violating the rules of the Digital Asset Business Ordinance, the regulator has banned Vajanasathian from holding senior positions in any digital asset business for the next 12 months.
Recently, the SEC of Thailand warned investors about the high risks in DeFi and reminded that regulators do not actually control this industry. A little earlier, information appeared that the Thai authorities plan to amend the legislation, which will give the central bank new powers in regulating the crypto industry.
Source: Bits
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