An executive of Thai cryptocurrency exchange Bitkub has been fined for trading insider information.
Thailand is one of the countries in South Asia that is warm to the crypto money sector and its adoption is increasing rapidly. In Thailand, which is a new development in the crypto sector, the event of getting ahead of the investors by insider trading took place.
Thai Regulators Penalize Bitkub Manager
According to the statement made by the Thailand Securities and Exchange Commission, Samrong Wachanasathien, the CTO of the Bitkub exchange, made transactions in the light of the information he learned about the sale of Siam Commercial Bank.
The Securities and Exchange Commission said it will fine Samret Wajanasathian 8.53 million baht ($234,481) and ban him from serving as chief technology officer of Bitkub Blockchain Technology (BBT) for 12 months.
Bitkub began negotiations with Siam Commercial Bank in August 2021 to sell a 51 percent stake in the digital asset exchange Bitkub Online. According to the SEC, Samret has started purchasing Bitkub Coins, which were developed by subsidiary BBT, worth a total of about 2 million baht.
The transactions took place between September 4 and November 2, when SCB notified the Thailand Stock Exchange of its intention to purchase Bitkub shares.
Bitkub said in a statement that it will appeal the case against Samret and will remain as chief technology officer until there is clarity in the legal process.
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