Thai Crypto Exchange Bitkub Has Come Under Regulatory Scrutiny from SEC Over Creating Artificial Trading Volume

Thai crypto exchange Bitkub has come under regulatory scrutiny from the SEC over creating artificial trading volume. Thai SEC ordered legal action against Bitkub and two individuals alleging the crypto platform was involved in wash trading, a process where investors buy and sell the same assets at the same time in order to manipulate the market by inflating volumes.

The latest enforcement action against Bitkub would be the second penalty for it within three months. Previously, Bitkub Capital Group Holdings Chairman Sakolkorn Sakavee was fined $216,000 and banned from managerial roles in the firm for a year earlier in July this year.