Thailand: Securities regulator subordinates CTO of Bitkub insider trading

Thailand's securities regulator has announced strict measures against the technology head of crypto exchange Bitkub. He is said to have bought Bitkub Coin (KUB) with insider information.

In an announcement Tuesday , Thailand's securities regulator said it had fined Bitkub's chief technology officer Samret Wajanasathian the equivalent of around $234,000 and banned him from working as an executive at a crypto company for a year. The regulator accuses Wajanasathian of acquiring around $61,000 worth of KUB tokens ahead of an announced deal with Siam Commercial Bank. The bank was to acquire a 51 percent stake in the crypto exchange . As a result of this news, the KUB price has risen by 101 percent.

"Wajanasathian purchased KUB coins as someone who knew or possessed inside information, thereby committing a criminal offense," according to the SEC.

Thailand's SEC said Wajanasathian still had to sign a consent form before the ban could take effect. This position at Bitkub can also be seen on the LinkedIn page of the Chief Technology Officer. But not on the company's website.

On Thursday, Siam Commercial Bank announced it had abandoned plans to invest $500 million and become Bitkub's controlling shareholder over concerns the crypto exchange could not resolve various issues. It is unclear whether the bank was aware of the securities regulator's actions against Bitkub's chief technology officer.

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