Five entities have been <a href="https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9619&amp;NewsNo=160&amp;NewsYear=2565&amp;Lang=TH" target="_blank" rel="nofollow noopener">sued</a> by the Thai Securities and Exchange Commission (SEC) for manipulating the volume on the cryptocurrency exchanges operated by Bitkub and Satang Corporation.
<h2>Thai SEC Sues Five Entities</h2>
The agency reportedly also imposed civil sanctions against two men and the Bangkok-based cryptocurrency exchange Bitkub. To cover the costs of the SEC's investigation, the three offenders, in this case, have been ordered to pay 24,161,292 Thai Baht ($636,000). Following an inquiry into <a href="https://www.cryptoknowmics.com/news/tippee-pleads-guilty-in-first-ever-cryptocurrency-insider-trading-case/" target="_blank" rel="noopener">insider trading</a>, the Thai SEC fined Bitkub's Chief Technology Officer $235,000 in August.

In the second instance involving the Bangkok-based Satang Corporation, the regulator has imposed civil penalties on LLC Fair Expo and one male, with a demand for payment of 12,080,646 Thai Baht ($318,000). Wash trading, also known as the creation of fictitious volume, is an illicit strategy used to entice investors to make investments by giving the impression that a particular asset is more popular than it is. In 2022, the Thai SEC changed its regulatory stance on cryptocurrencies, outlawing <a href="https://www.cryptoknowmics.com/news/easyfi-launches-electric-testnet-using-its-lending-protocol-on-polygon/" target="_blank" rel="noopener">lending</a> and <a href="https://www.cryptoknowmics.com/news/okx-exchange-launched-the-most-profitable-staking-of-shib/" target="_blank" rel="noopener">staking</a> services after filing a criminal complaint against Zipmex.
<h2>Crypto Ban in The Country</h2>
Thailand's Securities and Exchange Commission intends to implement radical measures to prevent crypto platforms from offering or supporting services for digital asset depository. According to the notification on the official website on September 15, the SEC has begun a public hearing on the subject and would accept comments through October 17.

Thai SEC Sues Five Entities Over Fake Volumes Across Two Exchanges

Thai SEC has sued five entities for manipulating the volume on the crypto exchanges operated by Bitkub and Satang Corporation.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Thai SEC Sues Five Entities Over Fake Volumes Across Two Exchanges

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