Thai SEC accuses Bitkub CTO of insider trading

"Mr. Wajanasathian's act is an offense of purchasing KUB coins while being a person who knows or possesses inside information" , said the Thai financier. regulator.

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The Securities and Exchange Commission of Thailand, or SEC, has announced enforcement action against the chief technology officer of crypto exchange Bitkub, who allegedly used inside information regarding the purchase of Bitkub Coin (KUB ).

In an announcement Tuesday, the Thai SEC said it had fined Bitkub CTO Samret Wajanasathian 8,530,383 baht, or approximately $234,000 at press time, and that she intended to bar him from being a director or officer of any crypto business for a year. The financial regulator alleged that Wajanasathian bought around $61,000 worth of KUB tokens ahead of an announced deal in which Siam Commercial Bank, or SCB, said it would buy a 51% stake in the crypto exchange. The news sent KUB's price up 101%.

"Mr. Wajanasathian's act is an offense of purchasing KUB coins while being a person who knows or possesses inside information," the SEC said.

ก.ล.ต. ใช้ มาตรการ ลง โทษ ทาง แพ่ง กับ ผู้ กระทำ ผิด ผิด 1 ราย กรณี เหรียญ เหรียญ kub โดย อาศัย ภาย ใน ใน ใน ใน ใน ใน ใน ใน ใน ใน ใน ใน https://t.co/fiupgjkg9

— ThaiSEC_News (@ThaiSEC_News) August 30, 2022

Thailand's SEC says Wajanasathian still needs to sign a memorandum of understanding before the "prohibited period on being a director or executive" of a crypto firm can take effect. The CTO's LinkedIn page showed his position at Bitkub was unchanged at press time, but it did not appear on the company's website.