Thai SEC Targets Country’s Largest Crypto Exchange Bitkub

Financial regulators in Thailand are on the crypto warpath and their target is Bitkub, the country’s largest digital asset exchange, and not for the first time. For the second time in a month, Thailand’s Securities and Exchange Commission has targeted Bitkub, the Kingdom’s largest crypto exchange. According to a Sept. 27 notice (translated), the SEC is taking legal action against Bitkub and two individuals for “creating artificial volumes of digital assets” on the platform. This is often referred to as ‘wash trading’ which is a process whereby investors buy and sell the same assets at the same time in order to manipulate the market by inflating volumes. In a second case relating to Satang Corporation, the SEC took action against two individuals demanding a fine of around $317,000 for similar volume manipulation.