New Decision from Thailand Securities and Exchange Commission on Cryptocurrency Exchanges!

Thailand Securities and Exchange Commission, cryptocurrency exchanges Bitkub and Satang Corp. filed a lawsuit against five entities for creating artificial volume on

Thai Authorities Sanction Cryptocurrency Exchanges And Several Individual Investors For Creating Artificial Volume

According to the official statement, the regulator has also imposed legal sanctions against the two individuals and Bangkok-based Bitkub. The three criminals in this case were ordered to pay the SEC 24.2 million Thai baht ($636,000) to reimburse their investigation costs.

In August, Thailand’s SEC fined Bitkub’s chief technology officer $235,000 after an insider trading investigation.

Also based in Bangkok, Satang Corp. In the second case, the regulator imposed civil sanctions on Fair Expo, LLC, and one person, demanding 12.1 million Thai baht ($318,000) in payment.

Fake volume creation, also known as wash trading, is an illegal practice used to persuade traders to invest under the pretense that a certain asset is more popular than it actually is.

Thailand SEC this year bitcoin and took a more aggressive approach to cryptocurrencies. Earlier this month, it banned staking and lending services in Thailand after filing a police complaint against troubled crypto exchange Zipmex.

Current rules in the country currently require cryptocurrency exchanges to share users’ information with regulators when funds are transferred between firms to curb the growing number of illegal activities under the guise of the global cryptocurrency industry.

*Not investment advice.