Thai SEC to sue three offenders for wash trading

Thailand’s Securities and Exchange Commission (SEC) has sued three culprits for creating artificial volume on crypto exchanges Bitkub and Satang Corporation.

The Thai regulator issued civil sanctions to Bitkub Online Company Limited, Anurak Chuachai, and Sakon Srakawee.

The three offenders have been accused of generating fake volumes of digital assets in Bitkub digital asset exchange centre.

The trio must “pay civil fines and reimburse the SEC's expenses due to the investigation of offences totalling 24,161,292 baht ($636,000)”, according to an official release from the SEC.

Anurak and Sakon are “prohibited from trading digital assets or digital asset futures contracts for a period of six months”.

Creating fake volume, or ‘wash trading’, is an illegal action used to get traders to invest while being hoodwinked to think an asset is more popular than it really is.

This illicit move may not bode well with the Thai SEC as it has been cracking down on cryptocurrencies and their usage.

Recently, the regulator banned staking and lending services in Thailand after a police complaint was filed against the crypto exchange Zipmex.

If you want to use your cryptocurrencies for recreational purposes, you can explore entertaining and trusted websites such as 1xBit, Bitcasino or FortuneJack.

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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