The Thailand Securities and Exchange Commission has imposed civil sanctions on SIX Network Thailand and three individuals for manipulating the trading volume of the SIX Network digital asset on the Bitkub Exchange. The four offenders must pay civil penalties and investigative expenses totaling THB 6,579,595.40. The regulator found that between 2019 and 2021 the offenders coordinated buy and sell orders in similar amounts, at similar prices and within closely connected timeframes, misleading the public about SIX trading volumes. Each offender must pay THB 1,644,898.85 and is barred for six months from trading digital assets on an exchange or entering into related derivatives contracts. The three individuals are also barred for 12 months from serving as directors or executives of a digital token offeror or digital asset business operator, while Vachara Aemavat is jointly liable for the company’s monetary sanctions. The trading and management prohibitions will take effect when each offender signs a letter consenting to the sanctions. If an offender does not consent, the SEC will ask the public prosecutor to seek the maximum applicable civil sanctions in the Civil Court.

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