Thailand’s SEC Securities and Exchange Commission has imposed a ฿15M (US$437,000) fine on Digital Assets Company Bitkub Online.
Five members of the company’s digital assets selection committee were charged with violating Securities and Exchange Commission listing rules, by listing Bitkub Coin (KUB) on its trading digital assets trading platform when it did not meet SEC requirements.
The SEC found that the five members of the committee had failed to effectively perform their duties, resulting in the selection of the Bitkub Coin (KUB), the main currency of the Bitkub Chain, which does not meet the requirements to be traded on the Bitkub Exchange, Thailand’s leading cryptocurrency trading platform, and violates conflict of interest laws.
As a result of this violation, the Securities and Exchange Commission is continuing to levy fines on the five executives and Bitkub Online on a daily basis until the problem is corrected.
The Securities and Exchange Commission previously fined Bitkub Online in December 2021. It was fined US$120,000 for another violation of the decree.
The Bitkub exchange is operated by Bitkub Online, a subsidiary of Bitkub Capital Group Holdings. Group CEO Jirayut “Topp” Srupsrisopa founded the company. Based on 2021 data from regulated exchanges, the company has a 90% share of crypto transactions, making it the third-largest cryptocurrency exchange in Thailand.
Siam Commercial Bank acquired a 51% stake in the company for US$520 million, making it one of Thailand’s first unicorn startups.
According to Thai PBS, students and young investors have been targeted by Bitkub Online’s aggressive promotion of digital assets as the future of investing.