Thailand’s Securities and Exchange Commission will fine Bitkub Blockchain Technology’s executive manager Samret Wajanasathian $234,481 and prohibit him from serving as chief technology officer for 12 months over insider trading, Nikkei Asia reports.
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Samret reportedly started buying Bitkub Coin in unusually large volumes shortly after Bitkub Capital Group entered into acquisition talks with Siam Commercial Bank (SCB) and the bank notified the Stock Exchange of Thailand of its intent to purchase Bitkub shares.
Samret, in his turn, wrote on Facebook that he had no idea what Bitkub Capital Group and the SCB were discussing, as he at that time was an executive of BBT. He continued:
“If my objective was short-term speculation, I would have sold all my KUB coins to gain profit already, but the fact remains that I haven’t sold KUB coins to gain profit.”
SCB and Bitkub’s deal collapsed last week due to regulatory actions taken against Bitkub in recent months. In May, local authorities also fined members of Bitkub’s team responsible for listing new tokens for violating the SEC’s criteria on how tokens should be selected.
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