Thai SEC Fines Bitkub Blockchain Technology 8.5M Baht For Insider Trading

Bitkub, a Thailand-based crypto exchange, has been fined 8.53 million Baht for insider trading. 

According to a local media, Thailand's Securities and Exchange Commission issued a fine against Samret Wajanasathian, chief technology officer of Bitkub Blockchain Technology Co (BBT), who has been accused of progressively buying 61,107.66 Bitkub coins (KUB) worth 1.99 million Baht between 4th September and 2nd November last year.

Apart from the fine, SEC also prohibited Wajanasathian from being an executive of any digital token seller or digital asset operator for 12 months.

As per the local media reports, the purchases by Wajanasathian occurred last year in August, when Siam Commercial Bank (SCB) and Bitkub Capital Group Holding (BCGH) were discussing SCB's planned acquisition of a 51% stake for 17.85 billion Baht in Bitkub Online Co (BO).

Wajanasathian's KUB coin purchasing behaviour before the acquisition plan was publicly announced at 6.53 pm on 2nd November 2021 – when the price of KUB peaked at 99.99 Baht – which was noticeably different than it had previously been, i.e. 49.53 Baht, the price before announcement of the acquisition plan. 

(Source: DAILYCOIN)