The Securities and Exchange Commission (SEC) Criminal Fines Committee has fined Bitkub Online (BO) and five members of its Digital Asset Screening Committee for non-compliance with SEC digital asset listing rules .
According to the SEC statement, BO also failed to consider the conflict of interest protection measure when listing KUB Coin, its local token, on digital exchange Bitkub.
The five members of the BO selection committee include Nithiwat Manesin, Sukrit Puttaviriya, Piyapong Kotchana, Pongsakorn Sutantayavalee and Atakrit Chimphalapiboon. They are responsible for selecting digital assets to be offered for trading on the digital exchange.
BO and his committee members were each fined about 2.5 million baht for violating Section 30 of the Digital Assets Act, the SEC said. The total fine tally is 15,201,000 baht.
The SEC committee said it will levy additional daily fines until BO can prove it has properly complied with the law.
BO listed KUB Coin on its Bitkub exchanges before the settlement was published, and the SEC said the test was not retroactive.
The SEC did not respond to requests from the Bangkok Post to elucidate this subject.
According to data from Bitkub Exchange, the price of KUB Coin has fallen by 8% in the past 24 hours. It stood at 147 baht at 4:15 p.m. on May 6. The coin is down 70-75% from its peak of 580 baht last year.
Following the SEC’s announcement, BO released a statement indicating that the company had carefully reviewed the coin’s qualifications and the SEC’s criteria for listing digital assets, and considered the interests of investors and the risks associated with the coin prior to listing.
The company said it has ensured that investors and the general public study and understand the coin prior to any commercial activities related to it.
BO insisted that it is doing everything possible to comply with the listing process prescribed by the SEC, such as talking to the relevant departments and requesting the coin profile listing ID.
The company said it follows SEC-approved principles and procedures, regularly monitors the progress of all digital asset-related projects on the exchange, and notifies investors through the company’s channels when changes are made.