The Magazine for Asian Investors
The Compensation Committee of the Securities and Exchange Commission (SEC) has fined Thailand’s largest digital asset companies, Bitazza Company Limited (Bitazza), Satang Corporation Company Limited (Satang), and Co. Bitkub Online Co. Ltd. (Bitkub) with a total amount of over 12,191,500 baht.
Which company received which fine?
Bitazza Company Limited, a fine of 3,564,000 baht.
Stang Corporation Company Limited, a fine in the amount of 4,656,000 baht.
Bitkub Online Co., Ltd. was fined a total of 8 cases with a total value of 3,971,500 baht.
The three companies were fined for being digital asset brokers that failed to store less than 90% of customers’ digital assets in so-called “cold wallets” within a specified period of time.
Bitkub, on the other hand, was penalized for 7 other violations including too long system downtime, collection of customer data, insufficient customer support during a certain period of time, an insufficient trading system allowing price manipulation, insufficient monitoring of some tokens, and violation of other SEC rules.