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 a statement from the Thailand Securities and Exchange Commission, Bitkub is the CTO of the exchange. Samrong Wachanasathienmade transactions in the light of the information it learned about the sale of Siam Commercial Bank.
The Securities and Exchange Commission will fine Samret Wajanasathian 8.53 million baht ($234,481) and will be suspended for 12 months. Bitkub Blockchain Technology(BBT) from serving as chief technology officer.
Bitkub in August 2021 Siam Commercial Bank started negotiations with the digital asset exchange Bitkub Online to sell 51 percent of its shares. 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.
BitkubIn a statement, he said he will appeal the case against Samret and will continue as chief technology officer until there is clarity in the legal process.
