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Thursday, October 6, 2022

Thai SEC alleges Bitkub CTO committed insider trading

Thailand’s Securities and Exchange Commission, or SEC, announced enforcement actions against the chief technology officer of crypto exchange Bitkub, who allegedly used insider information around the purchase of Bitkub Coin (KUB).

In a Tuesday announcement, the Thai SEC said it had fined Bitkub chief technology officer Samret Wajanasathian 8,530,383 baht — roughly $234,000 at the time of publication — and intended to bar him from being a director or executive officer at any crypto firm for a year. The financial regulator alleged Wajanasathian purchased roughly $61,000 worth of KUB tokens in advance of an announced deal in which Siam Commercial Bank, or SCB, said it would purchase a 51% stake in the crypto exchange. The news drove the price of KUB up by 101%.

“The act of Mr. Wajanasathian is an offense of buying KUB coins by being a person who knows or possesses inside…

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