Securities and Exchange Commission (SEC) disclosed the prosecution with civil sanctions once morest 3 offenders, namely (1) Bitkub Online Co., Ltd. (2) Anurak Chuachai and (3) Sakolkon Srakwee in the case of generating volume. Imitation of digital assets in the amount of 18 coins in the Bitkub digital asset trading center (Bitkub Trading Center) of Bitkub Company, demanding a total payment of 75,011,241 baht. and a period of prohibition from being a director or executive
The SEC investigated the suspicions that artificial volume may have been created in the Bitkub trading center and found that the actions are considered to be the fault of 3 persons, namely (1) Bitkub Company (2) Mr. Anurak together in Sending orders to buy or sell digital assets or buying or selling digital assets for $18, misleading the general public regarding the volume of buying or selling digital assets on the Bitkub Exchange; and of Bitkub Company to order or act or not to order or not to act which is a duty to be performed As a result, the Bitkub company committed such an offense.
Bitkub by Mr. Sakonkon has entered into an agreement with Anurak to act as a Market Maker in the Bitkub trading center and lent Mr. Anurak money to use in such duties. According to the SEC’s investigation, it was found that between January 4 and September 5, 2019, Anurak sent an order to match the trading of 18 other cryptocurrencies, including: ABT ADA BSV CVC GNT IOST JFIN KNC LINK LTC MANA OMG SNT USDT WAN XLM ZIL and ZRX are matched once morest each other on their own cryptocurrency trading accounts in Bitkub Exchange.
Pairing each cryptocurrency coin with each other The proportion ranges from 74-99 percent of the total trading volume of the market. The Bitkub company and Mr. Sakonkon acknowledged the pairing of trading in Mr. Anurak’s trading account. But there was no objection to the sending of cryptocurrency trading orders of Mr Anurak.
Therefore, the actions of Bitkub Company and Mr. Anurak are offenses for sending purchase or sale of digital assets. or buy or sell digital assets which misleads the general public regarding the volume of buying or selling digital assets under Section 46(1) in conjunction with Section 48(2)(3) of the Royal Decree on Digital Asset Business B.E. 2561 (B.E. digital assets) in conjunction with Article 83 of the Criminal Code Which has penalty provisions under Section 70 of the same Royal Decree, is an offense 18 counts (counted by the number of coins)
As for the actions of Mr. Sakonkon, it is an offense as a person responsible for the operations of the Bitkub Company, directing or acting or not instructing. or not to act as a duty that must be performed As a result, the Bitkub company committed the offense in the above cases. Which must face the same penalty under Section 94 in conjunction with Section 46(1) in conjunction with Section 48(2)(3) of the Royal Decree on Digital Assets. Which must be punished under Section 70 of the same Royal Ordinance, is an offense of 18 counts (counted by the number of coins)
The Civil Sanctions Review Committee (OCSC) considers the actions of all three offenders, which are criminal offenses of the same nature during the same period or close to the previous cases. The MPSC has resolved to impose civil sanctions on all 3 offenders for creating artificial volume of digital assets in the amount of 4 coins, namely BTC, BCH, ETH and XRP, in total, the offenders have created artificial volume of digital assets amounting to 22 coins.
In this case, the MSPC resolved to apply civil sanctions to all three offenders, as appropriate to the case. by imposing civil penalties, including civil fines Reimbursement of SEC expenses due to investigation of wrongdoing Measures prohibiting the trading of digital assets or digital asset futures contracts and measures to prohibit being a director or executive of a digital token offeror or a digital asset business operator as follows:
(1) to the Bitkub Company Pay civil fines and reimburse the SEC’s expenses due to the investigation of wrongdoing. The total amount is 25,003,747 baht.
(2) Mr. Anurak pay civil fines and reimburse the SEC for the investigation of wrongdoings in the total amount of 25,003,747 baht; impose measures to ban trading of digital assets or digital asset derivatives for 4 months and prohibit being a director or Executive for 8 months
(3) Mr. Sakolkon pay civil fines and reimburse the SEC’s costs due to investigations of wrongdoing in the total amount of 25,003,747 baht joint debtors under Section 99 of the Digital Assets Decree in conjunction with Section 317/11 paragraph two of the Securities and Exchange Act B.E. 2535, amended No. 5, B.E. 2559 It has imposed measures to ban trading of digital assets or digital asset futures contracts for 4 months and prohibiting them from being directors or executives for 8 months.
The prohibition period for trading digital assets or digital asset derivatives and the prohibition period for being a director or executive as mentioned above shall be effective from the last day of the prohibition period for trading digital assets or digital asset derivatives. and prohibited from serving as directors or executives specified by the MSC in the previous cases
If the offender does not agree to comply with the civil sanctions imposed by the SEC, the SEC will request the public prosecutor to file a lawsuit with the civil court in order to determine the maximum civil sanctions stipulated by law. Not less than the rate specified by the MSPC
As for the civil fines received from the commission of the offense, it is the state revenue remitted to the Ministry of Finance.
