{"id":496640,"date":"2022-09-28T13:13:00","date_gmt":"2022-09-28T10:13:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-exchange-bitkub-targeted-by-thai-sec-with-wash-trading-claims\/"},"modified":"2022-09-28T13:13:00","modified_gmt":"2022-09-28T10:13:00","slug":"crypto-exchange-bitkub-targeted-by-thai-sec-with-wash-trading-claims","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-exchange-bitkub-targeted-by-thai-sec-with-wash-trading-claims\/","title":{"rendered":"# Crypto exchange Bitkub targeted by Thai SEC with wash trading claims"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af49c55657ca\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af49c55657ca\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-exchange-bitkub-targeted-by-thai-sec-with-wash-trading-claims\/#%E2%80%9D_Crypto_exchange_Bitkub_targeted_by_Thai_SEC_with_wash_trading_claims_%E2%80%9C\" >&#8221; Crypto exchange Bitkub targeted by Thai SEC with wash trading claims &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_exchange_Bitkub_targeted_by_Thai_SEC_with_wash_trading_claims_%E2%80%9C\"><\/span>&#8221; Crypto exchange Bitkub targeted by Thai SEC with wash trading claims &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvMjllZGNlNDMtNTVhZC00ZGVkLThhZGQtZDdmNWY1YTY2YzE5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>Thailand\u2019s largest crypto exchange Bitkub has come under regulatory scrutiny from the country\u2019s Securities and Exchange Commission (SEC) over falsifying and creating artificial trading volume on its platform.<\/p>\n<p>Thai SEC ordered legal action against the crypto exchange and two individuals alleging the crypto platform was involved in wash trading, a process where investors buy and sell the same assets at the same time in order to manipulate the market by inflating volumes. <\/p>\n<p>The latest enforcement action against the leading Thai crypto exchange would be the second penalty for the crypto exchange within three months. Bitkub Capital Group Holdings Chairman Sakolkorn Sakavee was fined $216,000 and banned from managerial roles in the firm for a year earlier in July this year.<\/p>\n<p>According to an official <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.or.th\/TH\/Pages\/News_Detail.aspx?SECID=9619&amp;NewsNo=160&amp;NewsYear=2565\">statement<\/a> by the SEC dated Sept. 27, the regulatory body has filed a lawsuit against the crypto exchange and the two individuals, seeking a civil fine and expenses of around $634,000 and a six-month trading prohibition for the duo.<\/p>\n<p>Cointelegraph didn&#8217;t get a response from Bitkub at press time.<\/p>\n<p>Bitkub is among the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/exchanges\/bitkub\">top <\/a>crypto exchanges in Thailand, boasting daily trading volumes of millions. However, the crypto exchange has also been at the receiving end of regulatory actions over the past few months. The exchange\u2019s chief technical officer Samret Wajanasathian was fined 8,530,383 baht ($234,000) towards the end of August, on charges of insider trading.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The Bank of Thailand to pilot Retail CBDC by the end of 2022<\/em><\/strong><\/p>\n<p>The crypto exchange also faced a major setback last month when Thailand\u2019s oldest bank Siam Commercial Bank scr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed its $500 million funding plans. <\/p>\n<p>Thailand was once seen as one of the most crypto-progressive nations in the world, thanks to a regulated crypto market and tax breaks for crypto traders. However, several leading crypto exchanges have faced regulatory and compliance challenges in the country from time to time. Even the likes of Binance and\u00a0Huobi\u00a0have struggled with regulatory compliance.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-exchange-bitkub-targeted-by-thai-sec-with-wash-trading-claims\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto exchange Bitkub targeted by Thai SEC with wash trading claims &#8220; Thailand\u2019s largest crypto exchange Bitkub has come under regulatory scrutiny from the country\u2019s Securities and Exchange Commission (SEC) over falsifying and creating artificial trading volume on its platform. Thai SEC ordered legal action against the crypto exchange and two individuals alleging the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":496641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvMjllZGNlNDMtNTVhZC00ZGVkLThhZGQtZDdmNWY1YTY2YzE5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74863,74355,70934,71469],"class_list":["post-496640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-cryptocurrencies","tag-adoption","tag-regulation","tag-thailand"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/496640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=496640"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/496640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/496641"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=496640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=496640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=496640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}