11 July 2024

Thailand’s Securities and Exchange Commission (SEC) has announced the imposition of a 15-million-baht fine on Bitkub Online (BO) and five members of the company’s digital assets selection committee for violating listing rules, by listing Bitkub Coin (KUB) on its trading platform when it does not meet the requirements.

The SEC ruled that the five committee members had failed to perform their duty properly, resulting in the selection of Bitkub Coin (KUB), the main currency of Bitkub Chain, which does not meet the requirements for trading on the Bitkub Exchange, Thailand’s leading cryptocurrency exchange platform, and falls foul of conflict of interest preventive measures.

The SEC said that the fine, for this violation of the Emergency Decree on Digital Asset Businesses, will continue to be levied on the five executives and Bitkub Online on daily basis until the problem is rectified.

This is not the first time that Bitkub Online has been fined by the SEC. It was fined 4.16 million baht in December 2021 for another violation of the decree.

Bitkub exchange is operated by Bitkub Online, under its parent group Bitkub Capital Group Holdings. It was founded by Group CEO Jirayut “Topp” Srupsrisopa. The company is said to be the largest cryptocurrency currency and fastest-growing start-up company in Thailand, with a 90% share of crypto transactions, based on 2021 data from regulated exchanges.

It became one of Thailand’s first unicorn start-ups, after Siam Commercial Bank announced that it would acquire a 51% stake in the company for 17.8 billion baht.

With its aggressive promotion, Bitkub Online has been targeting young investors, including students, with its mantra that digital assets are their future.