The Thai financial regulator stated that Mr. Wajanasathian’s actions were illegal since they constituted the purchase of KUB coins by someone who had inside knowledge or information.
The Thai Securities and Exchange Commission (SEC) has launched enforcement actions against Bitkub’s chief technology officer for allegedly exploiting insider knowledge to buy Bitkub Coin (KUB).
The SEC of Thailand announced on Tuesday that it had penalized Bitkub CTO Samret Wajanasathian 8,530,383 baht ($234k at the time of writing) and intended to prevent him from holding an executive or board position at any cryptocurrency company for a year. The financial watchdog claimed Wajanasathian bought KUB tokens worth approximately $61,000 in anticipation of a deal that was to see Siam Commercial Bank, or SCB, buy a 51% interest in the cryptocurrency exchange. The news increased the price of KUB by 101 percent.
According to the SEC, Mr. Wajanasathian committed the crime of purchasing KUB coins while in possession of inside knowledge.
Wajanasathian still needs to sign a memorandum of assent, according to the Thai SEC, before the “term of prohibition from becoming a director or executive” at a cryptocurrency firm may start. At the time of publication, the CTO’s job at Bitkub was unaltered, according to his LinkedIn profile, yet he was absent from the website of the business.
On August 25, the SCB disclosed that it had abandoned a $500 million proposal to acquire a majority stake in Bitkub due to worries about the cryptocurrency exchange “resolving several issues” in accordance with the SEC’s suggestions. It’s unclear if the bank knew about the anticipated enforcement measures the banking authority would take against Bitkub’s CTO.
