Thailand’s Securities and Trade Fee, or SEC, introduced enforcement actions in opposition to the chief know-how officer of crypto alternate Bitkub, who allegedly used insider data across the buy of Bitkub Coin (KUB).

In a Tuesday announcement, the Thai SEC said it had fined Bitkub chief know-how officer Samret Wajanasathian 8,530,383 baht — roughly $234,000 on the time of publication — and supposed to bar him from being a director or government officer at any crypto agency for a yr. The monetary regulator alleged Wajanasathian bought roughly $61,000 value of KUB tokens prematurely of an introduced deal wherein Siam Business Financial institution, or SCB, stated it might buy a 51% stake within the crypto alternate. The information drove the value of KUB up by 101%.

“The act of Mr. Wajanasathian is an offense of shopping for KUB cash by being an individual who is aware of or possesses inside data,” stated the SEC.

ก.ล.ต. ใช้มาตรการลงโทษทางแพ่งกับผู้กระทำความผิด 1 ราย กรณีซื้อเหรียญ KUB โดยอาศัยข้อมูลภายในhttps://t.co/fiupGJKGb9

— ThaiSEC_News (@ThaiSEC_News) August 30, 2022

The Thai SEC stated Wajanasathian nonetheless has to signal a memorandum of consent earlier than the “interval of prohibition from being a director or government” at a crypto agency might take impact. The chief know-how officer’s LinkedIn web page confirmed his place at Bitkub was unchanged on the time of publication, however he didn’t seem on the corporate web site.

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On Thursday, the SCB introduced that it had deserted a $500-million plan to change into the bulk shareholder of Bitkub on account of issues in regards to the crypto alternate “resolving numerous points,” in line with suggestions from the SEC. It’s unclear whether or not the financial institution was aware of the monetary regulator’s impending enforcement actions in opposition to Bitkub’s chief know-how officer.